• Sun. Feb 25th, 2024

Crypto Tides

At present, the gains belonging to lead cryptocurrencies i.e. Bitcoin and Ethereum, are being washed away in the tides momentarily. This means that the trading values of these major cryptocurrencies are declining.

The good thing, however, is that the Crypto Fear and Greed Index (CFGI) for an entire lot of cryptocurrencies hasn’t made any shift. In fact, it continues to remain in its Greed zone.

However, crypto tides weren’t as bad for others as they were for Bitcoin and Ethereum. Their situation was not promising for the investors at all as they had to witness great plummets in their share prices.

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For instance, less popular cryptocurrencies than Bitcoin and Ethereum i.e. ATOM and Litecoin (LTC) were able to fetch promising gains.

Both were seen turning the tides in their favor instead of succumbing to short-term market downturns. Their prices have been increasing in value, going against the bearish odds.

In brief, Litecoin’s gains eventually led it to go past past-9 month high which furthermore helped the coin to break beyond the crucial price barrier.

Similarly, Cosmos (ATOM) has witnessed back-to-back promising gains in the past two days. The price of ATOM continued recording significant gains in the particular period.

Here is how they both turned the tides in their favor.

Litecoin’s Progression

Litecoin’s value surpassed its crucial price resistance point when its value went as high as $106.86.

Most importantly, the value surge has been continuing for the past two days. Resultantly, the coin saw its value beating down its 9-month high as of 5th May 2022.

During today’s trading session, there were at least two times when LTC saw declines. The first decline took the price low at $97.73 and thereafter at $93.05. Yet currently the coin is trading at a price range of over $106.

LTC’s RSI

In its present form, the relevant strength index (RSI) of Litecoin is resting at 65.96 points. It is because of this sudden change in the RSI that Litecoin managed to see its value rose above its 9-month high level.

The next benchmark score in the RSI is 66.00 and certainly, the coin would be focusing on hitting that. However, Litecoin is falling short of approximately 4 points after which it can enter into the next crucial stage of consolidation.

In the meantime, RSI’s tracking suggests that it would continue to move up if the progression is not curtailed by any adverse action.

The general sentiment is that value gains for Litecoin were momentary and that it may be subject to decline during the week. The trading price of Litecoin may end up taking a fall as the sentiments may turn bearish.

ATOM’s Progression

On the other hand, Cosmos (ATOM) was also seen as one of the commendable crypto market gainers. It has been fetching value gains for the past two days. At present, the swelled-up value of ATOM is about $13.84.

Three days ago, ATOM was trying to beat down a crucial resistance value of $13.50, however, in the process, suffered a decline. The decline then brought the value down to $13.15.

Today, ATOM not only managed to come out of the decline but also succeeded in breaking the $13.50 crucial ceiling point. It has hit quite a significant level by achieving a high trading level.

ATOM’s RSI

The latest high of ATOM i.e. $13.84 is the best so far since 9th November 2022.

Similar to Litecoin, ATOM’s current RSI tracking of 61.77 shows that the tracking is resting above the support level of 58.00.

ATOM would definitely be looking to increase the distance between the support level and its present RSI tracking. For doing so, it has to make sure that it keeps tracking up, most preferably towards the next ceiling point i.e. 66.00.

If ATOM manages to go past 66.00, then its value would jump over the price range of $14.00.

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