Litecoin, Neo, SUSHI Price Movement Analysis for 16th February 2021

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Litecoin moved within a fixed channel at press time, with the crypto indicators looking strong enough to warrant a move over the $230 mark. Neo could invalidate its bearish twin peak setup if the purchase activity picks up during the next few trading sessions. Finally, it was projected that SUSHI would rise to record levels if the bulls held on to the $17 support level.

Litecoin [LTC]

Litecoin stabilised around the midpoint of its immediate support and resistance levels at the time of writing, after minor corrections had been made to the charts. The price of the crypto climbed back over the 20-SMA, highlighting a strong uptrend over the past week, one that saw the cryptocurrency rise to a three-year high of $230. The Bollinger Bands showed some price volatility as the price again set the upper ceiling.

The CMF has shown that capital inflows to the LTC market have been healthy, despite a slight dip in the last few sessions. The $207 support line could be crucial to move forwards, and if the bulls could hold on to this level, the LTC would be able to topple its most recent local high.

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Neo [NEO]

Source: NEO/USD, TradingView

Neo’s market entered the indecision phase after the price was raised from the $40 support level. Naturally, the indicators were mixed at press time between the buying and selling side. The RSI pointed north of the 60-mark and sided with the bulls of the market. The Awesome Oscillator, on the other hand, formed a bearish twin peak on the charts as the momentum rested with the bears.

However, NEO could invalidate its bearish signals as the purchase activity has been picked up in the last few sessions. A sharp increase in trading volumes could see a price break above its upper ceiling of $46.13.


Sushiswap [SUSHI]

Source: SUSHI/USD, TradingView

Sushiswap’s bulls held on to the $17 support level after the price had retraced by more than 4 percent after yesterday’s ATH. The MACD line moved above the Signal line, but the histogram showed a drop in the bullish momentum. The Stochastic RSI moved lower from the overcrowded zone, but the bullish crossover could see the index trade in the upper zone again.

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The focus would be on the $17-level in the short term, and a record hike could be expected if the bulls kept SUSHI above the press time support level.


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