Litecoin, Solana, Ethereum Price Movement Analysis for 18th May, 2021

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Litecoin has broken through main resistance at $295. Solana proposed several goal levels using the Fibonacci instrument, but stabilisation may occur before the next upward leg. Finally, Ethereum wanted to hang onto $3,200 in order to avert a drop to $2,790.

Litecoin [LTC]

Litecoin made a critical recovery above its 200-SMA (green) and $295-resistance on the 4-hour timeline. This progress not only averted a prolonged bearish trend, but also paved the way for a rebound. Furthermore, reclaiming the area above $300-330 could lead to a market rally towards $370.

As LTC prevented a breakdown from $266 support, the MACD signalling a bullish crossover. A slight increase in OBV meant that there was some purchasing pressure. In the event of a bearish result, LTC could sink back to $243-support, a level last seen at the end of April and prior to the bull run.

Solana [SOL]

Source: SOL/USD, TradingView

Solana reached an ATH of $55 after a bull flag breakout that saw returns of 16 percent from the upper trendline. The Fibonacci tool suggested certain SOL goal values of $66.3 and $71. However, the RSI has returned to the oversold zone, which could lead to a period of stability until the next leg upwards. Trading volumes across exchanges fell by almost 30% in the last 24 hours, indicating a pause in buying operations.

See also  BTC, ETH, ADA, BNB, XRP, SOL, DOGE, DOT, UNI, BCH Price Movement Analysis for 8th September, 2021

The Fibonacci ratios for a pullback were 61.8 percent ($38.47) and 78.6 percent ($.45.6). A deeper retracement to the 50% Fibonacci mark will almost certainly mark the end of SOL’s current rally. Meanwhile, capital outflows have stayed low since the Chaikin Money Balance fell below equilibrium.

Ethereum [ETH]

Source: ETH/USD, TradingView

As Ethereum retraced from a peak of $4,380 to a low of $3,117 in just seven days, selling pressure remained a dominant force in the industry. The OBV’s downward trend illustrated profit-taking, but the index overall remained stronger. There was some support in the $3,200-$3,116 range, and a break could result in another retracement towards $2,800 and the 50-SMA (yellow).

ETH wanted to regain land over $3,500-$3620 in order to make a quick comeback. The intersection of this buy zone and the 20-SMA (blue) could fuel the next rise in ETH. A bullish crossover in the Stochastic RSI and an increase above 40 could result in a positive outcome in the future.

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