YFI, VeChain, Litecoin Price Movement Analysis for 16th May, 2021

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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.


Source: YFI/USD, TradingView

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.

The price has been able to trade above the $63,000-65,000 support level due to healthy volumes and purchasing interest. The upward trajectory of OBV attested to consumer purchasing activity. Awesome Oscillator’s green bars also matched OBV’s stance. There was some resistance around $83,000, and a break beyond this could result in another price swing. A failure, on the other hand, could result in damages of $48,000 or $43,000.

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VeChain [VET]

Source: VET/USD, TradingView

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.

Litecoin [LTC]

Source: LTC/USD, TradingView

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.

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