Litecoin, Polkadot Price Analysis – LTC’s Buy Opportunity, DOT towards ATH
Polkadot is among the virtual coins that showed resilience during October and September sessions. Keep in mind that some alternative currencies remained somewhat stagnant. DOT dropped towards $10 during the market crash in May-June. However, the alt started reversing its downswing situation as the crypto space saw positive sentiments in late July.
DOT/USD surged nearly 400% to hover around $40 with that upsurge. It stabilized at this area even when other cryptos retraced lower. However, it followed the downtrend after that, dropping towards 200 Simple Moving Average and its current sturdy support indicator.
DOT Daily Chart Analysis
May targets its May Peak
Polkadot resumed its bullish trend once more in October. The altcoin appears to mimic Bitcoin’s latest upward moves, overcoming the $40 mark, exploring $4 at the moment. Polkadot has received backing from its parachains release with the latest updates and the November parachains auction announcement. Such news attracted attention from market players, maintaining DOT’s bullish momentum.
For now, DOT enjoys improved sentiment, increasing DOT/USD’s probability of rallying high. The altcoin appears to target its record highs below the $50 level. Analysts believe that cryptocurrency has all the strength to hit past the level.
LTC Daily Price Chart Analysis – LTC/USD Corrects towards 20-SMA
Will LTC/USD Flip the 200-SMA into Barrier?
Litecoin recorded a massive breakout early on the week. The 200-day Simple Moving Average has served as a resistance level for over two months. Keep in mind that the altcoin saw two breaks and reversal at the same time. However, LTC succeeded on Wednesday, overpowering this MA. That came when Bitcoin surged above its ATH, exploring the $66,000 levels. However, Litecoin retreated yesterday, trading beneath $200 once more. For now, the 200 Simple Moving Average stands under this level and might switch into support with further retreats.
LTC 4Hr Chart Analysis
LTC/USD Awaiting a 20-SMA Bounce
According to the four-hour chart, the MAs have switched into Litecoin’s support, and the altcoins Wednesday’s surge kick-started from the 20 Simple Moving Average. However, it corrected lower yesterday before the 20 SMA appeared to serve as support once more today. The correction has paused at this level, and the bottom stochastic indicator is nearly oversold. So, LTC appears to present a buying opportunity around the 20 Simple Moving Average. That is because the alt has higher chances of bouncing soon before resuming its bullish trend.
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