Litecoin, Tron take a bullish route while Decred trends downward

Spread the love

LTC, Tron take a bullish route while Decred trends downward
Several altcoins that were on a bull run throughout April entered the bearish territory in May. While some coins like LTC, ETC, Zcash, and Tron saw a quick recovery and started trending upward, other coins like Decred, EOS, and BAT have continued the downward breakout.


Litecoin, as seen in the attached chart has been on a downtrend since the start of March. It experienced a 51% drop on March 7, which continued till March 12. It has currently held support at $39.21. Although the coin experienced 11% drop on May 10, the coin soon recovered and started trending upwards and might continue this trend in the coming days. The CMF indicator which rests above the zero line confirms this upward breakout.

Resistance: $50.44, $63.84, $83.98
Support: $39.21, $33.33, $30.17
Press time price: $43.62
Market Cap: $2,817,286,783
24-Hour Trading Volume: $3,790,110,617


Similarly, Tron has also been on a downtrend since mid-March. After the 54% drop on March 12; the coin saw another upward run starting May. There was a downward breakout on May 11, and the coin fell by 14%, however it soon recovered and is on the path of recovery at the moment. Interestingly, Awesome Oscillator indicator also signaled a continued upward breakout and the widening Bollinger Bands hinted at increased volatility in the near future.

RECOMMENDED READ:  Bitcoin futures volume soars to $40 billion, highest since March crash

Resistance: $0.018, $0.016, $0.02
Support: $0.013, $0.010, $0.008
Market Cap: $1,000,950,729
24-hour Trading Volume: $1,468,161,430


Decred, which had been trending upward for over weeks saw a 17% drop on May 11. Although the coin has recovered, it might soon see a short-term downward breakout, as confirmed by MACD indicator which is heading for a bearish crossover.

Resistance: $15.91, $18.99
Support: $12.76, $11.72, $10.06, $9.35
Market Cap: $161,180,677
24-hour Trading Volume: $113,534,139

 224 Interactions,  2 today

EOS, Waves, DASH Market Analysis for 28th January 2021

EOS found good support near $2.44, but this amount was undermined by several retests and could break in the coming Read more

How Identify and Avoid DeFi Scams

The decentralized financial industry is gaining a lot of interest from cryptocurrency users. Unfortunately, multiple DeFi scams and shady ventures Read more

Altcoins attempting to insulate from Bitcoin: GNY, ALPHA, UNI, VGX, QNT.

It is also best to find a hedge at periods of rising Bitcoin uncertainty. Many traders flock to stablecoins, but Read more

RECOMMENDED READ:  Former Coinbase top lawyer — suddenly a top banking regulator — explains how fintech can ‘level the playing field’
WallStreetBets drama boosts Dogecoin by 90% in just an hour

With Dogecoin's price pumping by 90 per cent in a matter of hours, the Reddit group WallStreetBets' drama with main Read more

Leave a Reply

Your email address will not be published. Required fields are marked *

Contact Us

%d bloggers like this: