The crypto market is always full of surprises, and recent trends have been no exception: on Monday, December 11, Bitcoin and its altcoin companions took a step back from their impressive 20-month highs. Yet, despite this slight retreat, their prices are still dancing near the top of a recent surge. This tease of stability has everyone’s eyes fixed on the upcoming Federal Reserve decision which could kickstart a whole new wave of enthusiasm among investors.
Speaking of waves, altcoins have been riding a pretty big one lately. Excluding Bitcoin, the market’s total value has jumped from $526 billion in September 2023 to a whopping $622 billion. Litecoin (LTC) and Monero (XMR) have been standout performers, each clocking in gains of 6% and 4% in just two weeks. But as the market corrects itself, these two are also feeling a bit of a pinch, losing slightly in the last 24 hours.
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Litecoin (LTC) Technical Analysis
Litecoin (LTC) is currently trading between its first support at $64.16 and its first resistance at $75.79. The Simple Moving Averages (SMAs) add depth to this picture, with the 10-day SMA at $74.38 slightly above the current price and the 100-day SMA at $67.6 offering a broader view of recent strength.
Source: TradingView
The Relative Strength Index (RSI) stands at 51.13, depicting a neutral market momentum, while the Stochastic %K reflects a similar sentiment at 52.67. However, the Average Directional Index (ADX) at a low 17.76 suggests a lack of strong trend direction, and the Commodity Channel Index (CCI) at 19.66 confirms this neutrality. The MACD Level at 1.22 and Momentum at 0.71 add subtle hints of potential upcoming movements.
Litecoin (LTC) Bullish Indicators
In a bullish scenario, Litecoin’s (LTC) resilience is underscored by its elevated Market Value to Realized Value (MVRV) ratio and sustained high trading volume, indicating a healthy market state. Additionally, adoption of LTC by BitPay as a preferred coin, representing 34% of its cryptocurrency payment count, demonstrates altcoin’s growing practical utility and acceptance, beyond the realms of Bitcoin and Ethereum. This could signal a push towards the upper resistance levels, aiming first for $75.79 and potentially targeting the higher targets of $82.13 and $93.76. Such a move would also be supported by the MACD and Momentum indicators, suggesting a build-up in buying pressure.
Litecoin (LTC) Bearish Indicators
Conversely, a bearish outlook is fueled by recent data which revealed that around 199,000 wallets holding Litecoin (LTC) just 10 days ago are now empty. This mass exodus, predominantly from small-scale holders, indicates a lack of confidence among these investors, possibly due to concerns over the long-term viability and liquidity of LTC. This sentiment of apprehension could drive the price towards its lower support levels, with the $64.16 threshold as the immediate defense line. If the bearish momentum intensifies, further decline towards $58.87 and even $47.24 could be on the horizon. Such a scenario would likely coincide with a continued decrease in the asset’s MVRV ratio and a potential shift in the MACD and Momentum indicators towards the negative.
Monero (XMR) Technical Analysis
As of now, Monero (XMR), a prominent player in the cryptocurrency world, is navigating between the immediate support level of $160.19 and the resistance level of $176.80.
Source: TradingView
The moving average indicators present an interesting picture: the 10-day SMA stands at $172.57, slightly above the current price, suggesting a possible resistance in the near term, while the 100-day SMA at $158.02 indicates a solid support level in the longer run. Additionally, the RSI at 54.07 points towards a neutral market momentum – neither overbought, nor oversold. The Stochastic %K at 65.53 also hints at a potential upcoming price change, but it’s the ADI at a low 15.17 that suggests a lack of strong trend in either direction.
Monero (XMR) Bullish Indicators
In a bullish case, Monero (XMR) could capitalize on its recent resilience – despite a significant security breach in September, where the XMR community crowdfunding wallet was compromised, leading to a loss of nearly $460,000, the overall market sentiment remains largely positive. Over 85% of users are reportedly still optimistic about Monero (XMR), which is reflected in the 9% increase in trading volume over the past 24 hours, totaling $89.8 million. This uptick in market activity, coupled with the XMR year-to-date gain of nearly 14%, suggests a growing investor confidence. Should this optimism persist, and with the MACD Level at 2.09 indicating a potential bullish crossover, Monero (XMR) might break past the resistance level of $176.80, targeting the next ceilings of $183.60 and possibly $200.21.
Monero (XMR) Bearish Indicators
On the flip side, the impact of the security breach could eventually weigh on investor sentiment: if its unresolved nature starts to undermine confidence, coupled with a downward turn in broader market trends, XMR could see a retest of its support levels. The Momentum indicator at -1.09 already suggests a slight loss in upward drive. If bearish pressure intensifies, Monero (XMR) might drop towards its immediate support at $160.19. A breach below this level could see further declines towards $150.38 and even the stronger ground at $133.77. The Commodity Channel Index (CCI) at 30.43, while still in the normal range, could descend towards the oversold territory, reinforcing a potential bearish phase.
Closing Thoughts
In the current cryptocurrency landscape, Bitcoin and altcoins, including notable players like Litecoin (LTC) and Monero (XMR), are displaying a mix of resilience and vulnerability. Despite a slight retreat from their recent highs, these tokens remain near the peak of their surge, with the market waiting for the upcoming Fed decision. LTC shows promise with its adoption by BitPay and a healthy market state indicated by its technicals, yet faces potential risks from a loss of confidence among smaller investors; XMR, while still riding high on positive community sentiment despite a recent security breach, is also at a crossroads, with technical indicators suggesting possible directions, but no clear trend. The contrasting bullish and bearish indicators for both Litecoin (LTC) and Monero (XMR) highlight the unpredictable nature of the crypto market where investor sentiment and external factors could swiftly sway the direction of these digital assets.
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Source: https://cryptodaily.co.uk/2023/12/these-indicators-unmask-a-stealthy-move-of-litecoin-ltc-and-monero-xmr-towards-resistance-peaks