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Litecoin rides the bull wave as Neo, Qtum play catch-up

Namrata Shukla



Source: Pixabay

One interesting observation from the present state of the crypto-market is that all major cryptos, the ones that are highly correlated with Bitcoin, noted a greater fall than other alts in the market. Litecoin [LTC] was one such major crypto; however, on the contrary, Neo and Qtum seemed to have some bullish sentiment in their markets.

Litecoin [LTC] 

Source: LTC/USD on Trading View

Litecoin [LTC] was ranked seventh on CoinMarketCap with a market cap of $2.54 billion, while the 24-hour trading volume of the coin was recorded to be $3.53 billion, at press time. The coin had previously shed 5.89% of its value owing to its massive fall. However, despite the fall going to as close as $25, the market did see spurts of growth. These pushed the price of the crypto-asset up, with the silver coin trading at $39.62, with resistance marked at $43.32 and support at $32.38.

According to the Parabolic SAR, the coin has been riding a bullish wave for quite some time now. In fact, the Litecoin foundation also recently announced a partnership with BitcoinrewardsU to allow users to earn LTC by shopping online.


Source: NEO/USD on Trading View

The 23rd ranked coin on CoinMarketCap, Neo had a market cap of $482.77 million. The coin had been reporting growth over the past 24-hours, with a 1.80% growth recorded. The 24-hour trading volume was $481.24 million, with the token valued at $6.881. It must be noted, however, that the token had not fallen this low in over a year and saw immediate resistance at $7.50 and support at $5.26.

According to the Chaikin Money Flow, the signal line was pointing downwards. Even though the trend, for now, appeared to be bullish, a fall in buying pressure could sink the signal line under zero, indicating rising sell-offs in the market.


Source: QTUM/USD on Trading View

Like other altcoins, Qtum too had been reporting growth by 1% over a day. The coin was valued at $1.24, but historically hasn’t sunk so low. The immediate resistance the coin may have to overcome was marked at $1.33 and the support was marked at $1.01. Despite being valued low, the coin was relishing the bull phase of the market as it appeared to be losing its momentum.

According to the Awesome Oscillator, the bullish trend started a while back, but the momentum had gradually fallen.

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Namrata is a full-time journalist at AMBCrypto covering the US and Indian market. A graduate in Mass communication, while majoring in Journalism, she writes mainly about regulations and its impact with a focus on technological advancements in the crypto space.

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