Cryptocurrencies remain uncertain, with the sentiment turning on and off every few days, which has forced them to trade within a tight range. Fantom and Litecoin remain bearish, although they have found support at some major levels and are starting to reverse higher, so let’s see if they can shift the trend now.
Fantom is a network of blockchains built on Ethereum, where new projects can be built and connected to the mainnet. This brings scalability and avoids congestion, which has made this network very popular, and the FTM token was displaying strength until the middle of January, when it retested the highs of October, below $3.50, while the crypto market had been declining for two months.
The support and resistance level below $2 was holding well, but it was eventually broken, and the departure of key staff from the Fantom team weighed further on this cryptocurrency. Anton Nell and Andre Cronje left Fantom, and although their projects will be handed over to the existing teams, their departure has set the tone for FTM/USD, turning the sentiment negative, and earlier this week this digital currency fell to $1.0350. But the Fantom Foundation plans an upgrade that will enhance its network with lower memory consumption, improved storage capabilities and new security features, as well as improving the sentiment after Cronje’s departure.
We were anticipating a reversal, either at $1.00 or $0.90, where the support and resistance level stood. But it reversed at a higher price and is looking bullish now. We were looking to buy FTM at around $1, but missed the opportunity, so we are following it to see if it goes back down once the sentiment in the crypto market turns negative.
Litecoin Daily Chart Analysis – The $100 Support Holds for LTC
The 50 SMA is pushing the highs lower
Litecoin has failed to gather much momentum, making lower highs in November last year, while most major cryptocurrencies kept printing new highs. We did see a jump from $200 to $300 in November, but since then, the sentiment has been totally bearish and LTC/USD has lost two-thirds of its value, falling to $100 where it has formed a solid support zone.
This support zone has been holding since January, while the 50 SMA (yellow) is pushing the highs lower, which means that a triangle is forming on this cryptocurrency. This points to a breakout, but for now, LTC is trading sideways, despite the absence of any price triggers.
LTC/USD
!function(f,b,e,v,n,t,s){if(f.fbq)return;n=f.fbq=function(){n.callMethod?n.callMethod.apply(n,arguments):n.queue.push(arguments)};if(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version=’2.0′;n.queue=[];t=b.createElement(e);t.async=!0;t.src=v;s=b.getElementsByTagName(e)[0];s.parentNode.insertBefore(t,s)}(window,document,’script’,’https://connect.facebook.net/en_US/fbevents.js’);fbq(‘init’, ‘2268112246540358’); fbq(‘track’, ‘PageView’);(function (d, s, id) {
var js, fjs = d.getElementsByTagName(s)[0];
if (d.getElementById(id))
return;
js = d.createElement(s);
js.id = id;
js.src = “//connect.facebook.net/en_US/sdk.js#xfbml=1&version=v2.0”;
fjs.parentNode.insertBefore(js, fjs);
}(document, ‘script’, ‘facebook-jssdk’));
Source link
