After strengthening the support near the $79.40 USD, Litecoin crossed the key resistance at $84.50 to move into the bullish region.
NEO continues to be bearish with critical support at $32.00 USD.
Litecoin (LTC/USD)
Price Analysis
- High: $85.71 USD
- Low: $82.20 USD
- Major Resistance Level: Near $87 USD
- Hourly MACD: Placed slightly in the Buy region.
Last week, Litecoin (LTC) had experienced a sharp decline, moving below $90.00 against the US dollar. At one point, the price had gone below the $80.00 level. To prevent a further slide in the price, buying pressure had developed near the $79.50 level and the price action found an uptrend. The price action also experienced a move above the 23.6% Fibonacci retracement level of the $94.55 high to $79.31 low decline. Since today morning, the LTC/USD pair had marked a recovery by trading above $82.00. At the time of writing, as the chart shows, the price of Litecoin (LTC) is $84.03 against the US dollar. (As of 23rd July 2018) At the moment the price is placed slightly above the 100-hour simple moving average. The moving average (blue line) marks at 83.8892 currently.
Today, till now the high is $85.71 USD for Litecoin so, the next major resistance can be said to be the $87 level. The current moving average and the upward movement of the LTC/USD price shows that there is a chance of the pair continuing the uptrend. So far, as the chart shows, a small green candle has formed. The welcoming news is that the technical analysis from Trading View shows the hourly MACD slightly in the Buy zone.
NEO (NEO/USD)
Price Analysis
- High: $34.68 USD
- Low: $32.84 USD
- Major Resistance Level: Near $0.36 USD
- Hourly MACD: Placed slightly in the Sell zone.
The NEO/USD pair has been trading red from 18th July 2018 with a small green candle on 21st of the same month. The pair is finding it hard to break the $40.00 resistance line and has currently moved below the $35.00 level. There has hardly been any major upward movement for NEO since 18th July. At the time of writing, the price of NEO (NEO) shows $33.21 against the US dollar and sports a very small green candle. (As of 23rd July 2018) The moving average (blue line) currently marks at 35.1977. At the moment, the crypto coin lies below the 50-DMA. The resistance level at nearly $37.00 is existing since 12th May 2018 and has become quite strong. The NEO/USD pair is thus finding is really hard to settle above the level. The pair needs to move above the $40.00 and settle above it to maintain a strong uptrend. However, if the buyers do not take an interest the price may fall below the $27.00 level.
As long as the LTC/USD pair trades above the $84.00 level and the 100 hourly SMA there is a chance of Litecoin continuing the uptrend. As for the NEO/USD pair, it will be a little hard for NEO to move from the current bearish zone.
Happy Trading~
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
Image courtesy of Pexels
Charts courtesy of tradingview.com
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