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The technicals of YFI indicated that the cryptocurrency had the bullish potential to continue its run. VeChain was designed to travel sideways within a predetermined channel. Finally, Litecoin traded in the $330-$300 range, which needed to be held against bearish pressure.
Year-to-date growth of 210 percent might seem marginal in comparison to some other alts in the industry, but an increase above $55,000 signalling bullish progress for YFI – one that may see sharper gains in the coming months. A split over $55,000 had already resulted in a 50% increase in valuation to over $83,000, but a wider stock pullback confused matters. YFI noted choppy movement over the last few days due to its inability to completely capitalise on its rally.
As VeChain ranged between $0.203 and $0.1666, an ADX reading of 20 indicated a poor directional sector. The constricted structure of Bollinger Bands often indicated low volatility. Given its technicals, VET is expected to continue to travel in a range over the next few days.
A move above $0.203 could spark some additional buying, but advances are likely to be limited by the $0.254-resistance.
However, a breakout from $0.254 could result in a change in market conditions to the bullish side, and volumes must be monitored for such an outcome.
On the daily monitor, Litecoin was trading in the $330-$300 buy range. The current region needed to be protected against a sell-off against the 50-day simple moving average (SMA) (not shown) about $266. Although the 4-hour chart showed a series of bullish candlesticks, the daily timeframe showed bearish sentiment.
The Squeeze Momentum Indicator indicated bearish momentum, and a drop below the half-line indicated a sell warning. This will also result in a breakdown against the 50-day simple moving average. At the time of writing, the RSI was hovering around neutral-50, but it was pointing north. If the current buy area holds, a return above $330 becomes a possibility; nevertheless, larger market cues would undoubtedly determine LTC’s trajectory.