Litecoin (LTC) and Dash (DASH) Price Technical Analysis: Cryptocurrencies gunning for support

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Litecoin LTC Price Crashes below $140 as Litepay Ceases Operations

Litecoin LTC price sharply declined on Tuesday after LitePay, its new payment processing platform stopped operations barely a month after the launch. BitPay greatly advertised LitePay as the payment system that was going to revitalise cryptocurrency payments across the world.

The CEO of Litecoin, Charlie Lee apologised to the users saying, “We got too excited about something that was too good to be true, and we optimistically overlooked many of the warning signs. I am sorry for having hyped up this company and vow to do better due diligence in the future.”

Litecoin LTC is currently trading at $143 after recovering from $138 low recorded during the trading session on Tuesday 27. The entire cryptocurrency market is bleeding red as the prices lack support to reverse the downside trend. Litecoin, on the other hand, has experienced increased selling pressure to due to LitePay shutdown.
Litecoin price is currently trading below both the 50 and the 100 Simple Moving Averages.

The gap between the two moving averages is narrowing while changing the slope to the upside direction to show the path of least resistance is to the upside. The 23.6% Fibonacci retracement level with the last swing high of $162 and a low of $138 could not hold as support during the decline, although, the retracement level is now the immediate resistance to the upside. LTC/USD must break above this level at $144 to open the door for more gains towards $150.

On the downside, the immediate support level for Litecoin LTC price is at $138. The cryptocurrency must keep above this level to avoid further declines. The MACD momentum indicator is moving into the positive territory to show that the bullish momentum is returning to the market. This could also signal the buyers who had shifted sentiments due to the fall of LitePay to enter the market.

Dash (DASH) price Technical Analysis

DASH price, on the other hand, is also nursing declines due to the negative wave that is sweeping through the entire cryptocurrency market. The digital asset declined from trading highs of $389 to lows of $361 on the daily price chart. DASH/USD bounced off today’s lows and appreciated to exchange hands above $370. The gains have, however, been capped below $380.

The 50 Simple Moving Average trend line is acting as the immediate support for DASH/USD. The trend line is sloping downwards to show that the selling pressure could continue in the near term. The sharp declines witnessed today broke below both the 38.2% and the 23.6% Fibonacci retracement levels with the last swing high of $460 and a low of $361.

The dip to $361 was an overstretch for the price DASH/USD, and it was likely that the sellers will give way for the buyers to enter the market. The MACD momentum indicator is moving to the positive side to signal for the buyers to shift their sentiments towards DASH/USD and encourage a trend reversal. On the upside, a break above the resistance level at $390 will open the door for more gains towards $400.


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