Cryptocurrencies stay undecided. Simply whenever you suppose they’re beginning to achieve some bullish momentum, they flip bearish. The primary week of January was bearish, final week we noticed a reversal increased, and to this point, this week has been bearish once more. Polkadot and Litecoin had been exhibiting some bullish momentum final week, however they’ve each failed on the 50 day by day SMA at present, and are reversing down.
Polkadot Retains Making Decrease Highs
Polkadot’s objective is to offer a scalable platform for decentralized world apps. It does this via parachains, and it has already launched the primary 5 parachain public sale winners, specifically Acala, Moonbeam, Parallel Finance, Astar and Clover. It will convey increased cross-chain interoperability to the Polkadot community, together with many initiatives that primarily deal with decentralized finance (DeFi), which has been receiving a variety of consideration during the last two years. Moonbeam has already launched efficiently on Polkadot.
Because of this the community may have growing real-life use-cases, growing the demand for the DOT coin. Nevertheless, Polkadot has been bearish since early November, following the cryptocurrency market down. Within the final two months, the tempo of the decline has been slower, however DOT/USD retains making decrease highs and the 50 SMA (yellow) on the day by day chart has changed into a strong resistance indicator.
The value has reversed again down this week, however the help round $22 appears to be like like a very good place to purchase this cryptocurrency. If the bearish momentum continues, then the summer time help at $10 is the final word stage.
Litecoin Reverses on the 50 SMA
LTC falling beneath the help at $140 once more
Litecoin has additionally been exhibiting bearish stress since November, after a failed rally from $200 to $300. Sadly, the crypto market turned bearish again then and LTC gave again all its positive factors, sliding right down to $120. Final week we noticed a bullish reversal, which continued yesterday, because the market was turning bearish, however the damaging sentiment out there is prevailing at present as nicely, and LTC/USD has turned bearish too.
We noticed some bullish knowledge from Santiment, exhibiting optimistic on-chain metrics, because the variety of whales has been accumulating on LTC longs. The MimbleWimble improve is attracting consideration, so hopefully, that can assist Litecoin flip bullish. However for now, it continues to commerce near the $140 help.