Cryptocurrencies stay undecided. Simply while you assume you are beginning to achieve bullish momentum, you flip bearish. The primary week of January was bearish, final week we noticed a reversal to the upside and to date this week has been bearish once more. Polkadot and Litecoin confirmed some bullish momentum final week, however each have failed on the 50-day SMA immediately and are reversing down.

Polkadot continues to make decrease highs

Polkadot’s objective is to offer a scalable platform for decentralized world apps. It does this by way of Parachains and has already launched the primary 5 Parachain public sale winners, particularly Acala, Moonbeam, Parallel Finance, Astar and Clover. This may carry increased cross-chain interoperability to the Polkadot community, together with many tasks largely targeted on decentralized finance (DeFi), which has obtained numerous consideration over the previous two years. Moonbeam has already been efficiently launched on Polkadot.

Because of this the community will more and more have real-world use instances, growing demand for the DOT coin. Nonetheless, Polkadot has been in decline since early November after the cryptocurrency market fell. Over the previous two months, the tempo of decline has been slower, however DOT/USD continues to make decrease highs and the 50 SMA (yellow) on the every day chart has become a stable indicator of resistance.

The worth has turned again this week however the help round $22 appears like an excellent place to purchase this cryptocurrency. If the bearish momentum holds, then summer time help at $10 is the last word stage.

Litecoin reverses at 50 SMA

LTC falls under the $140 help once more

Litecoin has additionally been displaying downward strain since November after a failed rally from $200 to $300. Sadly, the crypto market was turning bearish on the time and LTC gave again all of its positive factors and slipped to $120. Final week we noticed a bullish reversal, which continued yesterday because the market turned bearish, however the damaging sentiment out there continues to prevail immediately, and LTC/USD has additionally turned bearish.

Now we have seen some bullish knowledge from Santiment displaying constructive on-chain metrics because the variety of whales gathered on LTC longs. The MimbleWimble improve is attracting consideration, so hopefully this may assist Litecoin flip bullish. However for now, it continues to commerce close to the $140 help.

LTC/USD

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