Bitcoin [BTC] and Litecoin [LTC] Price Analysis: Top coin anchors market revival as digital silver looks to slip

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The collective market saw a wave of good fortune over the past week as the market cap rose to a two-week high of $143 billion.

Bitcoin, the top cryptocurrency in the market, saw a meager 0.36 percent hike against the US Dollar and was trading at $4,095, at press time. The coin’s market cap stood at $72.08 billion and still held 50.2 percent dominance in the coin market.

FCoin registered the maximum BTC trading volume, accounting for 25.97 percent of the total via the trading pair BTC/USDT. Other notable exchanges on the list were BitMEX, CoinBene, and BitForex.

Litecoin [LTC], the digital silver was riding a bull wave since the beginning of the year, with its price seeing notable highs. After being overtaken by a surging EOS, the coin slipped against the US Dollar by 0.76 percent and was trading at $60.69, at press time. Litecoin was valued at $3.71 billion, trailing EOS by over $120 million.

Coineal took the top spot in terms of LTC trade volume by holding 8.82 percent of the global volume via the trading pair LTC/BTC. Other notable exchanges on the list were FCoin, Coinall, and DigiFinex.

Bitcoin 1-day

Source: TradingView

The one-day BTC chart shows the coin trading between $3,800 and $4,200 since the beginning of February. In this period, two notable trends were witnessed, the first pushed the price down from $4,215 to $3,984 and the second pushed the price from $4,030 to $4,213.

Bitcoin found immediate support at $3,781, which the top-coin was trading below during mid-February. The immediate resistance level stood at $4,226, which has persisted since the close of the previous year.

The Bollinger Bands pointed to decreasing price volatility, while the Moving Average indicated a bullish swing.

The Chaikin Money Flow tool showed a massive uptick in the money inflow into BTC tokens as the CMF line was above 0.

The Awesome Oscillator indicated a rising short-term momentum, while the concluding greens bars further suggested a bullish swing.

Litecoin 1-day:

Source: Trading View

The digital silver has been riding a bullish wave since the beginning of the year, with several uptrends dominating the coin’s one-day chart. Notable uptrends were witnessed from $45.63 to $56.78, and then from $56.54 to $61.27.

Litecoin found immediate support at $54.57, which the coin has surged above. The immediate resistance level of the coin stood at $61.34, which the coin will likely shatter with any upcoming bullish tendencies.

The Parabolic SAR pointed to a mildly bearish decline, as the dotted lines were above the coin’s trend line.

The MACD also showed bearish movement as the Signal Line was above the MACD Line.

The Relative Strength Index indicated declining investor interest as the RSI dropped from 70.38 to 59.99.

Conclusion:

A slew of positive coin announcements, regulatory updates, and adoption news has buoyed the collective market to sustain its high, while Bitcoin’s persistence above $4,000 played an anchoring role. The top cryptocurrency has seen its dominance decline over the past few months, but the bullish prospects still remain, as the indicators showed. Litecoin, however, is under bearish overwatch as the investor interest is declining and both the Parabolic SAR and MACD indicate a bearish swing.


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Graduate of Finance and Economics, interested in the intersection of the world of decentralized currency and global governance.

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