Litecoin, Polkadot, Cardano Price Movement Analysis for 3rd May, 2021

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Litecoin moved closer to the upper limit of $280, but the bears were likely to protect this level. Polkadot reclaimed the 50% Fibonacci mark at $37, and more buying was expected. Finally, Cardano needed to gain more ground before breaking out over $1.47.

Litecoin [LTC]

Litecoin attempted to reclaim the area above $280, but on the 4-hour timeframe, a high resistance lay above this amount. The bears have been defending this place since the April 18 pullback, and a jump will almost certainly be refused once more. While buying pressure has outweighed selling pressure in recent days, OBV does not justify a jump above $280-290 just yet.

The ADX, on the other hand, pointed to the 25-point stage, indicating a bullish build-up. If Bitcoin manages to break through the $60K barrier, the momentum could drive LTC past its upper limit and even above $300. A surge in trading volumes across exchanges could indicate an impending price swing, but if the wider market stays unchanged, some sideways volatility is likely.

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Polkadot [DOT]

Source: DOT/USD, TradingView

Polkadot’s increase of more than 5% in the last 24 hours might seem minor in comparison to some other alts, but a significant development occurred on the 4-hour charts. With growing bullish momentum, the market reclaimed the 50% Fibonacci mark above $37. During previous dips, this region has proved to be a reliable support mark, and some purchasing can occur at the current price point. The 61.8 percent Fib amount is a little more than $40, and this provided the next goal for the bulls.

The Awesome Oscillator showed a string of green lines, indicating positive momentum. However, since the Fast-moving line was superimposed on the Signal line, MACD represented a degree of neutrality.

Cardano [ADA]

Source: ADA/USD, TradingView

Cardano’s Squeeze Momentum Indicator pushed north and into the half-line when momentum seemed to shift to the bullish side. While the first green bar indicated a buy warning, the price was already a long way from the $1.41 upper limit. If the dotted line along the index changes to white, the squeeze will be broken and sharper gains will be likely.

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For the time being, the RSI is pointing south from 55, and the market is projected to stay reasonably balanced in the short term. Resistance thresholds to look for include $1.41 and $1.47, with a break over the latter potentially resulting in a new ATH for ADA.

 

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