704 Interactions, 2 today
Litecoin retook the $195 level but might need to overcome some retaliation by the bears to target a northbound move towards resistance at $218. Ontology was close to overturning bearish sentiment in the market as 50-SMA eyed a rise above 200-SMA. Lastly, VeChain’s indicators flashed red signals and projected a short-term pullback from record levels.
At the time of publishing, Litecoin flipped $195.29 of resistance and broke free from its set channel. On the four-hour timeframe, a battle from the bears was witnessed, as the bearish candlesticks were prominent. A rise to the next resistance of $218 will rely on the ability of the bulls to hang onto the newly-turned support mark.
Momentum helped the bulls as the green bears of Awesome Oscillator rose in volume. On the other hand, a bearish crossover in Stochastic RSI presented a roadblock for the purchase side. A drop below $170.7 will likely see LTC switch to the next line of defence at $155.7.
Ontology appeared to be one of the winners of a wider market boom, with prices up by more than 16 per cent in the last 24 hours. The 50-SMA (blue) also looked to cross over 200-SMA (green) and introduced another layer of bullish sentiment to the economy. An increase in resistance above $1.23 could prompt increased purchases on the market and raise ONT to the next $1.46 ceiling.
RSI changed course after a short visit to the over-purchased segment and created an obstruction for the bulls. However, OBV has shown a healthy purchase pressure and has supported a positive result to go forwards.
Weekly returns on VeChain stood at over 44 percent as the cryptocurrency pushed within the upstream channel after it bounced back from $0.036 support. At the time of writing, VET traded at a record high of $0.06, but still a decent distance from the $1 mark. In reality, chain-metrics has shown that the cryptocurrency may need to manage a time of sale pressure before maintaining its strong uptrend.
RSI dropped from the upper field, while MACD closed on a bearish crossover. A safe pullback to $0.058 support was a possibility in the coming sessions. However, bulls will need to stay vigilant as a step below the lower trend line may lead to additional sales on the market. Such a move will place support thresholds at $0.052 and $0.047 under the spotlight.