The Pump Settles in Consolidation – Crypto Recorder

Fibo Quantum

Litecoin is in the green, although the entire crypto market is mixed red and green. The correction from the consolidation levels over the weekend broke above the resistance level at $60.00. Litecoin has suffered greatly following the declines that swept across the market during the sessions last week. The market lost $16 billion on Thursday last week only to find support at $201 billion. The bullish revenge last week has recorded gains with the total market capitalization recovering to $211 billion.

In the meantime, Litecoin has corrected lower from yesterday’s highs of $61.56. The sharp correction failed to find balance at $57 but the buyers protected the next support area at $54.00. There is a contracting triangle that has formed on the hour chart of LTC/USD. A breakout in around the corner, besides the bullish trend that is prevailing could see Litecoin recover above $58.00.

However, in the near-term a correction to $60.00 seems out of reach. For instance, the stochastic is heading south after failing to break into the overbought region. This shows that the sellers are gaining ground against the buyers. Litecoin is also expected to find a support at $56.00 while the key support areas can be found at $54.00 and $52.00.

Dogecoin (DOGE) Price Analysis

Dogecoin continues to trim gains the second day in row following the surge on Monday. The crypto has in the past couple of months performed well in comparison to the other digital assets in the market. The bullish correction that tested the resistance at $0.007 last month defied the bear pressure at the beginning of September. Dogecoin was in the headlines for its stability in a bear market.

Prior to the surge on Monday, Dogecoin was limited at $0.0053. However, a break above the moving averages opened the way for gains that tested $0.0060. Dogecoin traded highs around $0.0059 before the bears took charge. The gain trimming exercise has continued since yesterday with DOGE/USD battling for consolidation around $0.0053. The declines on Tuesday have broken below both the 50SMA and the 100SMA. A support has, however, been established at $0.0051 (swing low) while Dogecoin is trading at $0.0052. If Dogecoin is to experience a breakthrough above the broken support at $0.0053, the buyers must overcome the resistance at the descending trendline. This move will pave the way for additional move above $0.0054.

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Ethereum Classic Price Analysis

Ethereum Classic, on the other hand, has been deflating in the past couple of months. The $1 billion crypto is currently ranked 16th in the market. It has a 24-hour trading volume of $126 million according to the data on Blockmodo.

In the meantime, ETC/USD is trading at $9.97 after a 0.34% decline on the day. The general crypto surge yesterday gave Ethereum Classic a boost that saw it come close to $11.00 but turned bearish on touching the trendline resistance.

Ethereum price is also trading in a falling wedge pattern pending another breakout. A break from this pattern is likely to result in a bullish move above $11 while the upper supply zone at $15.00 is within reach.

The trend at the moment is in the bears favor, similarly the stochastic is heading towards the oversold region. The next significant support for ETC/USD is at $8.0.

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