Of course, it becomes difficult to make a choice when there are more than 25 thousand coins in the world of Bitcoin and altcoins. However, a buying opportunity has now emerged for the two leading cryptocurrencies. Let’s see the details.
Support and price analysis of Altcoin Litecoin
Altcoin Litecoin (LTC) has caught the attention of investors as its potential to reach $75 is tied to the key support range between $63.22 and $65.19. The cryptocurrency community remains bullish on LTC prospects despite the recent price fluctuations.
Cryptocurrency analyst Ali_Charts is making an assessment on the subject. He highlighted the importance of the support range of $63.22 to $65.19 for Litecoin’s price trajectory. This range represents areas where a significant number of addresses have accumulated altcoin LTC following the price drop. Ali_Charts states that LTC needs to hold its position within this support wall to regain momentum towards $75.
Address accumulation and price view
Ali_Charts underlines that while the accumulation of 3.81 million altcoin LTC in 215 million addresses is remarkable, the mere accumulation may not be enough to raise the price of LTC. The critical factor lies in LTC’s ability to hold support levels. Failure to do so despite increased accumulation will cause the value to plummet and potentially drop to $50.
Hodler Net Position Change, a metric that reflects the monthly position change of long-term investors in an asset, provides insight into holders’ perceptions of Litecoin. Glassnode’s data recently showed a Hodler Net Position Change of 362,378. This indicates a shift from widespread cash outflows from new positions to savings. The data shows that long-term holders have increased confidence in altcoin LTC’s price action. It also hints that they foresee the potential for a new price peak in the short term.
Sentiment and stock market activity
Investors also seem to share this optimistic mood. Litecoin’s funding rate, an important indicator of trader sentiment, was 0.007%. This positive ratio indicates that long position traders pay short positions to keep the contracts open all the time. This also points to the bullish sentiment among traders. In addition, the daily trading volume of altcoin LTC on exchanges has dropped to 218.55 million. Accordingly, this indicates that interest in selling LTC holdings has waned. This diminishing selling pressure suggests that Litecoin’s price may not fall below $60 if the trend continues.
Altcoin Ethereum faces temporary hurdle
Altcoin Ethereum (ETH) has witnessed a notable rise from $1063 this year. This upward movement is split into five different waves. Accordingly, this points to more earning potential. On the other hand, the recent intraday dip below $1600 started a pullback, leading to a deeper and more complex correction phase.
Altcoin ETH is experiencing a pullback from its recent highs. Accordingly, it is currently in a deeper and more complex downside correction. This phase is characterized by a complex formation that ideally resembles a flat correction. Despite the ongoing correction, there is optimism surrounding the possibility of a rebound, especially from the near-term support at the $1500 level, which is closely aligned with the 61.8% Fibonacci retracement.
Analysis of correction waves and short-term outlook
The current correction in ETH’s price action follows a five-wave decline, a pattern referred to as wave (C). Accordingly, the $1500 support zone is important. This is emerging as an important area for the potential completion of the wave formation. As a result, short-term market weakness may continue after the fourth lower wave. One level stands out on the road to recovery. It will require breaking above $1800 to invalidate the ongoing intraday bearish impulse.
Altcoin Ethereum’s volatile price dynamics draw attention. It also requires a balanced assessment of both bearish and bullish scenarios. A break above the $1800 level will clear the current intraday bearish bias. Also, when we look at it as cryptokoin.com, it will potentially indicate a renewed uptrend. Conversely, if the price stays low, the completion of wave (C) in the $1500 critical region could lead to temporary short-term weakness.
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