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5% Hike in XRP & LTC; Altcoins Make a Recovery as Bulls Charge at Full Blast

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Litecoin(LTC)  and Ripple(XRP) are up by 4.78% and 4.74% and top 20 coins show an increase in price except for Tether(USDT). 

Source: coinmarketcap

Litecoin Heading Towards $75

Litecoin price is presently holding the $70.00 support area and shows signs of bullish divergence. The price may soon break the $73.00 and $75.00 resistance level. If the price undergoes a correction, it will find support near the $70.00 level. The next important resistance is near $82.00-83.00 zone.

Source- Trading View

Technical Indicators 

 

Source- Trading View

Relative Strength Index (14)- 54.62

Exponential Moving Average (5)- 71.77

Stochastic %K (14, 3, 3)- 83.07

Ripple Could Move Towards $0.3 Area 

Source-Trading View

XRP price made attempts to break $0.2650 resistance. However, the bulls failed to gain any momentum above $0.2650. It is likely that Ripple’s price will either surge towards $0.32650 or have a downside correction towards $0.2500. 

A broader look at the chart reveals a market that has been trending upwards although gradually. However, the prominent pattern is the lower highs pattern experienced from Sunday last week. An ongoing bearish correction risk setting off the trigger if XRP steps below the forming symmetrical triangle support.

Technical Indicators

Source-Trading View

Relative Strength Index (14)- 56.7385

Exponential Moving Average (5)- 0.26419

Stochastic %K (14, 3, 3)- 73.72280

Analysts Speak

With Bitcoin experiencing a price correction, it is seen that altcoins are experiencing a steady price rise. 

Source-Twitter

In the summer, @OracleOfAlts had predicted that Litecoin prices will be up and altcoins will rule the roost.

Source-Twitter

Another twitter user, with the handle “ATH Coming”  has predicted, that 2020 will mark a 1.5 trillion market cap for cryptocurrencies and Bitcoin’s dominance will be reduced to a mere 40-46%.

With that being said, it will be interesting to note if altcoins continue to show such price rises or the bullish trend is a short-term guest. While analysts continue to debate if altcoins would rise or not, these price indicators and on-going developments on alt – platforms are reassuring enough to predict good fortune for altcoin traders. 

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