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

Spread the love

 186 Interactions,  2 today

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.

RECOMMENDED READ:  Ripple is loyal to San Francisco, said co-founder Chris Larsen.

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.

RECOMMENDED READ:  Cosmos, Dash XRP Price Movement Analysis for 14th February 2021

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.


Leave a Reply

Contact Us