Skip to main content

Biggest Movers: LTC Snaps Losing Streak, SOL Moves 7% Lower

Litecoin snapped a four-day losing streak on Feb. 22, despite cryptocurrency markets mostly trading lower. The token rose for the first time since Saturday’s session, when prices were above $100.00. On the other hand, solana extended recent declines, falling by as much as 7%.

Litecoin (LTC)

Litecoin (LTC) ended a four-day losing streak on Wednesday, as prices moved away from a recent support zone.

LTC/USD rose to an intraday high of $95.36 earlier in today’s session, which comes 24 hours after falling to a low of $92.48.

Since hitting a price floor of $91.50 to start the week, litecoin bulls have somewhat resurfaced.

This has also delayed what many expected to be an inevitable downward crossover, between the 10-day (red) moving average, and its 25-day (blue) counterpart.

Both trend lines now seem to be heading upwards, and this comes as the relative strength index (RSI) also climbed.

The index is now tracking at 50.44, after bulls rejected a breakout of a floor at 49.00.

Solana (SOL)

Solana (SOL), on the other hand, extended recent declines, as the token remained in the red for a second straight day.

Following a high of $25.43 on Tuesday, SOL/USD slipped to a bottom of $23.38 earlier in the session.

On the other side of the spectrum, recent bearish sentiment has risen following a false breakout of a ceiling at $26.50 earlier this week.

This comes as the RSI, which is tracking at 52.58, now looks set to collide with a long-term support point at 50.00.

A glimmer of hope does exist however, with the 10-day (red) moving average crossing over the 25-day (blue) trend line, which is typically a sign of upward momentum.

Should this happen, there is a strong chance that SOL could move beyond a ceiling at $26.50 in the upcoming days.

Register your email here to get weekly price analysis updates sent to your inbox:

Will solana rebound from its recent losses this week? Let us know your thoughts in the comments.



from Bitcoin News https://ift.tt/aD9uplh
Labels:

Comments

Post a Comment

Popular posts from this blog

Mt Gox Creditors Updated, Trustee Says Rehabilitation Custodian Is ‘Currently Preparing to Make Repayments’

On August 31, 2022, the Mt Gox trustee Nobuaki Kobayashi explained in a recent letter that the rehabilitation custodian is “currently preparing to make repayments” to Mt Gox creditors. Trustee Updates Mt Gox Creditors — Repayment Date and Exchange Still Unknown Last week speculation and rumors concerning the release of 140K bitcoin ( BTC ) from Mt Gox littered social media platforms and headlines. Bitcoin.com News covered the situation six days ago as a number of people and Mt Gox creditors called the rumors “ fake news .” During that same period of time, a bitcoin whale transferred 10,000 BTC to unknown wallets, and a 2018 annotation , heuristics, and clustering methods show the funds likely originated from the June 2011 Mt Gox hacks. Following the mysterious whale transfer, last Wednesday, Mt Gox published an official update from the court trustee Nobuaki Kobayashi that explains the court is “currently preparing to make repayments” to creditors. Mt Gox creditors have been wait...
Post a Comment
Read more

Fidelity Discusses Bitcoin as Portfolio Insurance — Could Soon Stand in ‘Stark Contrast’ to Path Fiat Currencies Take

Fidelity Digital Assets, a subsidiary of Fidelity Investments, says that bitcoin could be considered portfolio insurance. The firm notes that the cryptocurrency “may soon stand in stark contrast to the path that the rest of the world and fiat currencies may take — namely the path of increased supply, additional currency creation, and central bank balance sheet expansion.” Fidelity Says Bitcoin Could Be Portfolio Insurance Fidelity Digital Assets, a subsidiary of Fidelity Investments, recently published a research study titled “The Rising Dollar and Bitcoin.” The research outlines “how bitcoin could be considered portfolio insurance” as the rising dollar impacts global currency markets. “The strengthening U.S. dollar is wreaking havoc among other countries and may put pressure on the Federal Reserve to soon reverse its tightening monetary actions, something that has precedent based on 1985’s Plaza Accord,” Fidelity explained. In addition, “more monetary debasement may be needed to ...
Post a Comment
Read more

Economists Discuss Russia, China Potentially Developing Gold-Backed Currency That Could Undermine US Dollar

Economists have weighed in on reports that China and Russia may be developing a new gold-backed currency that could undermine the U.S. dollar’s status as the world’s primary reserve currency. Russia and China May Be Developing Gold-Backed Currency Several experts have shared their views on Russia and China potentially creating a new gold-baked currency, Fox Business reported Saturday, emphasizing that China has been buying up huge quantities of gold while Russia was forced off the U.S. dollar due to sanctions imposed on the country following its invasion of Ukraine. The news outlet noted that some experts have cautioned that these moves, along with the closer relationship that has developed between Moscow and Beijing, point to the likelihood of China attempting to launch a gold-backed currency. However, neither Russia nor China has officially confirmed plans for such a currency. Craig Singleton, senior fellow at the Foundation for Defense of Democracies and a former U.S. diplomat,...
Post a Comment
Read more