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Altcoins

Litecoin, Tron take a bullish route while Decred trends downward

Rakshitha Narasimhan

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LTC, Tron take a bullish route while Decred trends downward
Source: Unsplash

Several altcoins that were on a bull run throughout April entered the bearish territory in May. While some coins like LTC, ETC, Zcash, and Tron saw a quick recovery and started trending upward, other coins like Decred, EOS, and BAT have continued the downward breakout.

Litecoin

Source: LTC/USD, TradingView

Litecoin, as seen in the attached chart has been on a downtrend since the start of March. It experienced a 51% drop on March 7, which continued till March 12. It has currently held support at $39.21. Although the coin experienced 11% drop on May 10, the coin soon recovered and started trending upwards and might continue this trend in the coming days. The CMF indicator which rests above the zero line confirms this upward breakout.

Resistance: $50.44, $63.84, $83.98
Support: $39.21, $33.33, $30.17
Press time price: $43.62
Market Cap: $2,817,286,783
24-Hour Trading Volume: $3,790,110,617

Tron

Source: Tron/USD, TradingView

Similarly, Tron has also been on a downtrend since mid-March. After the 54% drop on March 12; the coin saw another upward run starting May. There was a downward breakout on May 11, and the coin fell by 14%, however it soon recovered and is on the path of recovery at the moment. Interestingly, Awesome Oscillator indicator also signaled a continued upward breakout and the widening Bollinger Bands hinted at increased volatility in the near future.

Resistance: $0.018, $0.016, $0.02
Support: $0.013, $0.010, $0.008
Market Cap: $1,000,950,729
24-hour Trading Volume: $1,468,161,430

Decred

Source: Decred/USD, TradingView

Decred, which had been trending upward for over weeks saw a 17% drop on May 11. Although the coin has recovered, it might soon see a short-term downward breakout, as confirmed by MACD indicator which is heading for a bearish crossover.

Resistance: $15.91, $18.99
Support: $12.76, $11.72, $10.06, $9.35
Market Cap: $161,180,677
24-hour Trading Volume: $113,534,139

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A Psychology and Journalism graduate, Rakshitha focuses on UK and Indian markets. As a crypto-journalist, her interests lie in blockchain technology adoption across emerging economies.

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