Litecoin, Cosmos, Decred Price Analysis: 30 November
Litecoin pictured a bullish divergence on the charts and bounced strongly off a Fibonacci level of retracement. Cosmos also moved with notable trading volume past a level of resistance and seemed to be heading higher. Finally, Decred formed a double bottom a few days ago and rose to test a region of supply at $24.
Litecoin pictured a bullish divergence between the price and the momentum indicator (RSI) and bounced strongly off the support at the 50% retracement level for LTC’s move from $45 to $94 over the past two months.
At the time of writing, the RSI noted a value of 59 and it could drop slightly to retest the neutral line if LTC sees a dip towards the pocket of liquidity in the vicinity of $76.
The 61.8%, 50%, and 38.2% retracement levels have performed remarkably as support, and it was likely that LTC would resume the previous uptrend and flip the resistance at $80 to support.
ATOM’s drop from $6.45 to a swing low at $5 was analyzed using the Fibonacci Retracement tool to highlight some important levels of support and resistance.
The Awesome Oscillator showed a bearish twin peaks set-up a few days ago, one that saw the price dip by 3.5% to find support at $5.31.
Since then, ATOM has climbed steadily past the retracement levels, while also rising past the resistance at $5.45 on a trading session with above-average trading volume, lending legitimacy to the rise in price.
ATOM could retest the same before moving towards $5.69, the 50% retracement level.
Decred formed a double bottom pattern and broke above the neckline with a projected target of $23.4. At the time of writing, the price was $23.8 and the coin still had bullish momentum left in it, according to the MACD.
Trading volume has been steady over the past few days. The level at $24.6 has seen the price get rejected a few days ago and the indecisive candle that tested the resistance might presage DCR testing the $22-region before another surge upwards.