Tracking the crypto asset market

BTC/USD has been trading in a sideways consolidation range, according to Bitcoin price analysis. Bitcoin hit a high of more than $16,000 but has since been trading in a narrow range between $15,900 and $16,200. Let’s take a look at the charts of 4 altcoins that are attempting to initiate a short-term uptrend.

LTC/USDT

The breakout of Litecoin above the overhead resistance at $75 is the first sign of a potential trend change. The 24-hour trading volume of Litecoin is $726.38M. LTC is down -7.31% in the last 24 hours. It is currently -9.81% off its 7-day high of $81.83 and 23.86% off its 7-day low of $59.58. The bulls will attempt to push the price above the $84 overhead resistance. If they are successful, it could signal the beginning of a new uptrend. The bears attempted to pull the price back below $75 in order to trap the aggressive bulls, but the buyers held firm.

<source: tradingview, binance>

APE/USDT

Today’s live ApeCoin price is $3.87, with a market cap of $ 1.40B. It has a 24-hour trading volume of $247.00 million USD. For the past several months, ApeCoin has been consolidating in a wide range between $3 and $7.80. The bears attempted to lower the price below the range’s support but were unable to maintain the lower levels. This indicates that demand is high at lower levels. On Nov. 26, sustained buying pushed the price above the 20-day EMA of $3.47, indicating that the bulls are making a comeback. The 50-day SMA of $4.06 provides minor resistance, but if the bulls overcome it, the APE/USDT pair could rise to the downtrend line.

<source: tradingview, binance>

DOGE/USDT

The current price of Dogecoin is $0.09642, with a 24-hour trading volume of $1.82B. DOGE has dropped -9.30% in the last 24 hours. It is currently -9.66% off its 7-day high of $0.1067 and 34.32% off its 7-day low of $0.07178. The bears may try to halt the recovery near $0.10, but if bulls prevent the price from falling below $0.09, the DOGE/USDT pair may gain momentum and rally toward the 61.8% Fibonacci retracement level of $0.12. If this level is also scaled, the pair could continue to rise toward $0.16.

<source: tradingview, binance>

LINK/USDT

The current Chainlink price is $6.80 USD, with a 24-hour trading volume of $3.46B. LINK has dropped -4.78% in the last 24 hours. It is currently -5.00% off its 7-day high of $7.26 and 24.47% off its 7-day low of $5.54. For several weeks, Chainlink has been stuck between $5.50 and $9.50. The strong rebound from the $5.50 support level on Nov. 21 suggests that bulls are aggressively buying dips to this level. The 20-day EMA of $6.74 has begun to rise, and the RSI has entered positive territory, indicating a slight advantage for the bulls. If the price remains above the 50-day simple moving average of $7.15, the chances of a rally to $8.50 and then to a $9.50 increase.

<source: tradingview, binance>

Conclusion

During a bear market, not all coins bottom at the same time. As a result, in addition to monitoring the broader cryptocurrency market, traders should closely monitor the coins of their choice. The Stochastic RSI, on the other hand, is currently moving upward, while the MACD remains flat. Although anything is possible in a bear market, long-term investors could try to accumulate fundamentally strong coins in multiple tranches.

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Disclaimer: This article was authored by Giottus Crypto Exchange as a part of a paid partnership with The News Minute. Crypto-asset or cryptocurrency investments are subject to market risks such as volatility and have no guaranteed returns. Please do your own research before investing and seek independent legal/financial advice if you are unsure about the investments.