The cryptocurrency market is always full of surprises, and recent trends are no exception. On Monday, December 11, Bitcoin and its altcoin peers took a step back from impressive 20-month highs. However, despite this slight pullback, prices are still dancing near the peak of the recent surge. These stability concerns have everyone’s eyes fixed on the upcoming Federal Reserve decision, which could spark a whole new wave of enthusiasm among investors.
Speaking of waves, altcoins have been riding a pretty big wave recently. Excluding Bitcoin, the total market value jumped from $526 billion in September 2023 to a whopping $622 billion. Litecoin (LTC) and Monero (XMR) have achieved notable results, gaining 6% and 4% respectively in just two weeks. However, as the market corrects itself, these two are also feeling some pressure and are down slightly in the last 24 hours.
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Litecoin (LTC) Technical Analysis
Litecoin (LTC) is currently trading between the first support level at $64.16 and the first resistance level at $75.79. The simple moving average (SMA) adds 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, which provides a broader perspective on the recent strength.
Source: TradingView
The Relative Strength Index (RSI) is 51.13, indicating neutral market momentum, and the Stochastic %K is 52.67, reflecting similar sentiment. However, the low Average Directional Index (ADX) at 17.76 indicates 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 about potential future moves.
Litecoin (LTC) Bullish Indicator
In an optimistic scenario, Litecoin (LTC)’s resilience is highlighted by its high market value-to-realized value (MVRV) ratio and sustained high trading volume, indicating healthy market conditions. Additionally, BitPay’s adoption of LTC, which accounts for 34% of cryptocurrency payments, as its preferred coin shows that the practical usefulness and acceptance of altcoins is increasing beyond the realm of Bitcoin and Ethereum. This could indicate a push towards higher resistance levels, first targeting $75.79 and potentially higher targets of $82.13 and $93.76. This move is also supported by the MACD and momentum indicators, which suggest that buying pressure is increasing.
Litecoin (LTC) Bearish Indicator
Conversely, the bearish outlook is fueled by factors such as: recent data It was revealed that about 199,000 wallets that held Litecoin (LTC) just 10 days ago are currently empty. This large exodus, mainly from small holders, indicates a lack of trust among these investors due to concerns about the long-term viability and liquidity of LTC. This sentiment of concern could push the price towards lower support levels, with the $64.16 threshold acting as an immediate line of defense. If bearish momentum strengthens, it could fall further to $58.87 or even $47.24. This scenario is likely to coincide with an asset’s MVRV ratio continuing to decline and MACD and momentum indicators likely moving in a negative direction.
Monero (XMR) Technical Analysis
Currently, Monero (XMR), a prominent figure in the cryptocurrency world, is swinging between the immediate support level of $160.19 and the resistance level of $176.80.
Source: TradingView
The moving average indicator shows an interesting picture. The 10-day SMA is slightly above the current price at $172.57, suggesting near-term resistance may be present, while the 100-day SMA of $158.02 represents a solid long-term support level. . Additionally, the RSI of 54.07 indicates neutral market momentum, neither overbought nor oversold. The Stochastic %K of 65.53 also suggests the possibility of future price movement, but the ADI is low at 15.17, indicating a lack of a strong trend in either direction.
Monero (XMR) Bullish Indicator
If we are optimistic, Monero (XMR) could capitalize on its recent resilience. Despite a serious security breach in September that compromised the XMR Community Crowdfunding wallet, resulting in a loss of nearly $460,000, overall market sentiment remains largely positive. It is reported that over 85% of users are still bullish on Monero (XMR). This represents a 9% increase in trading volume over the last 24 hours, reaching a total of $89.8 million. This increase in market activity and XMR’s nearly 14% year-to-date rise suggests investor confidence is rising. With this optimism continuing and a possible bullish crossover at MACD level at 2.09, Monero (XMR) could break the resistance level of $176.80 and reach the next upper limit of $183.60 and $200.21.
Monero (XMR) Bearish Indicator
On the other hand, the impact of a security breach could eventually weigh on investor sentiment. If confidence begins to erode due to its unresolved nature and the broader market trend is to the downside, XMR could retest its support levels. A momentum indicator of -1.09 already suggests a slight decline in the bullish trend. If bearish pressure intensifies, Monero (XMR) may fall towards the immediate support at $160.19. A breach below this level could lead to further declines to $150.38 and further strength to $133.77. The Commodity Channel Index (CCI) at 30.43 is still in normal range but may have fallen into oversold territory, reinforcing a potential bearish phase.
Closing Thoughts
In the current cryptocurrency landscape, Bitcoin and altcoins, including notable players such as Litecoin (LTC) and Monero (XMR), are showing a mix of resilience and vulnerability. Despite a slight pullback from recent highs, the token remains near the peak of its surge and the market awaits the upcoming Federal Reserve decision. While LTC shows promise with the adoption of BitPay and technically sound market conditions, it faces potential risks due to loss of trust among smaller investors. XMR remains at a crossroads despite recent security breaches, fueled by positive community sentiment. Technical indicators point to a possible direction, but there is no clear trend. The contrasting bullish and bearish indicators for Litecoin (LTC) and Monero (XMR) highlight the unpredictable nature of cryptocurrency markets, where investor sentiment and external factors can quickly dictate the direction of these digital assets.
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