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Bitcoin has moved closer to its ATH after years in a bear market. Aside from the euphoric sentiment, no assets are moving up in a straight line and the retracements are part of a healthy uptrend. However, any withdrawal of Bitcoin could harm the altcoin market in its immediate aftermath. Litecoin has approached a major resistance level in the wake of a strong bullish momentum. Dogecoin may be set to retest a support level, while Stellar Lumens may lose all the gains it has made in the last few trading sessions.
Litecoin [LTC]
Source: LTC / USD on TradingView
The moving averages of 20, 50 and 100 periods indicated a strong bullish trend for the currency in both the short and medium term.
The Stochastic RSI was also correcting to the downside. This could see the price retreat to find support on the (white) 20 SMA before another upward move. However, Bitcoin’s price can also heavily affect LTC, so a drop in BTC would definitely be bad news for bulls in the short term.
$ 83 is the next resistance level for LTC, a price previously visited in February earlier this year. Yet it was also a trendline resistance from over two years ago, so it’s worth looking closely at the $ 80 region if the price attempts to break out of it yet again.
Stellar lumens [XLM]
Source: XLM / USD on TradingView
A possible V-top was forming for XLM. This could push the price back to the support at $ 0.079 if $ 0.082 does not hold as support.
The OBV showed a higher high and a higher low recorded and indicated the likelihood of the recent losses reversing, due to the increase in the volume of purchases.
$ 0.087 is a resistance level that XLM could not break even in October. A close above this level would encourage the bulls to push the price further.
Dogecoin [DOGE]
Source: DOGE / USDT on TradingView
DOGE showed bearish divergence and saw a pullback. The RSI continued to stay above 50, indicating that an uptrend was still in play.
Based on this evidence, the likelihood was that DOGE would retest the support at $ 0.00285 and move higher once again, but a Bitcoin correction could have a brutal impact on the altcoin market.
