[ad_1]
Litecoin breaks below $ 58 after testing a critical resistance line as ADA dips below $ 0.100
While Bitcoin (BTC) has been trading higher over the past couple of days, several large-cap altcoins have struggled to piece together a similar trend. Ethereum broke above $ 400 but fell back below the level, as did XRP which was trading high above $ 0.25. Analysts say the altcoin market will likely follow BTC if the cryptocurrency king hits a new all-time high above $ 20,000.
Litecoin and Cardano are also in trouble at the time of writing, but could rise further if the bulls hold gains at key levels.
Litecoin price
LTC / USD recently broke through a horizontal resistance line and hit highs of $ 61. The cryptocurrency, however, is coming under selling pressure as liquidity rotates to Bitcoin.
Currently, LTC is trading just below a critical resistance area near the $ 60 area. If the bulls push out of current levels and break out of the hurdle, a rally to highs near September 1 levels will confirm potential. run up to $ 84.
But the short-term picture indicates a decline before another lead.
The price is above a reverse head and shoulders pattern (H&S), but the daily MACD and Stochastic Oscillator suggest a bearish divergence. If the bears take control, the bulls will likely rely on the health and safety cleavage at $ 51 as a shelter.
At the time of writing, LTC / USD is trading at $ 58, but despite a drop from highs of $ 61, the bulls are likely to hold their own if they hold the level.
Cardan price
The price of the ADA token has dropped more than 5% in the past 24 hours to see it trading at lows of $ 0.099.
Although the bulls hit highs of $ 0.103 earlier in the day, the increased sell-off pressure means that ADA / USD still faces a major resistance line preventing a retest of $ 0.11.
The ADA / USD pair is limited to the 50 – SMA on the 4-hour chart and if the rollover continues, a drop to lows of $ 0.098 and $ 0.095 is more than likely.
The technical picture also suggests that the bears are envisioning a retest of the 200-SMA line at $ 0.0926 in the daily time frame. If that happens, the bulls will have their work cut out if they have to break higher.
The daily chart also features a downward sloping MACD and RSI, suggesting that the downtrend is likely to persist.
However, the bulls can regain control if a key candlestick pattern forms in the next few sessions on the daily chart. The TD sequence printed a red eight and the flip will be confirmed if a red nine appears.
