Litecoin (LTC) price is trading in lock-step on Sunday evening. The cryptocurrency has sustained substantial losses since the end of the week’s trading on Friday. Litecoin opened weekend trading at $164; however, any attempts by the bulls to pull up from the descending channel have been met by increasing selling pressure.
The downside trading on Sunday was initiated at $152 and saw the price break past several support levels to trade at lows of $138. The price is trading below the 100-simple moving average which is below the longer term 200-simple moving average. Consequently, the gap between the moving average is widening to indicate that the bearish trend is here to stay and could even be moving into the next week.
Litecoin (LTC) price could not find support at the 38.2% Fibonacci retracement with the previous swing high of $164 and a low of $138. The crypto broke the major support levels at $144 and $140 respectively to find support at $138. The 23.6% Fibonacci retracement with the last swing high of $164 and a low of $138 is now acting as a resistance to the price. The retracement is at $144 which is a significant barrier to Litecoin recovery. In the following week, Litecoin will have to break above this level to for any considerable upside momentum to take place. On the downside, $138 is acting as short-term support. The bears’ control of the market could push the price below this level. If the support level does not hold, then further gains could occur towards the $130 level.
Monero (XMR) Price Technical Analysis
Monero (XMR) was the cryptocurrency that was recording up to 30% increase in price in the first week of March. It was regarded as the best performer among many coins in a crypto market that was bleeding red. Unlike many other currencies in the market record, Monero has suffered the worst drop in price in the past week. The MoneroV hard fork was the driving factor for the price. The hard forked was initially planned to take place around mid-March. However, it was postponed for another six weeks. The news in the market following the pushed date say that the hard fork was probably a scam and does not have solid ground. The investors buying Monero have started exchanging it for other coins.
XMR/USD has sustained considerable losses this weekend. The currency opened trading on Sunday 18 trading at $195. The selling pressure continued, and the price dropped to lows of $173 on Sunday evening. Currently, XMR/USD is forming a bullish trend at the $185 level. The 100-simple moving average is working as a resistance level at $187. Monero price will have to break above this level for a proper ascending channel to form. The next barrier is at $190 and in the path of recovery. Moreover, if Monero price trades above this level, then the price could be headed towards the $200 level. On the downside, the next support level for Monero (XMR) price is at $173. If the bulls cannot sustain the forming ascending channel and the price drops, XMR/USD could drop even further.
This information should not be interpreted as an endorsement of cryptocurrencies or a recommendation to invest. Historic performance is no guarantee of future returns. As an investment class, cryptocurrencies are speculative investments and investing in cryptocurrencies involves significant risks – they are highly volatile, vulnerable to hacking and capital loss and sensitive to secondary activity. Before investing you should obtain advice and decide whether the potential return outweighs the risks.