Bitcoin
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0.000039‘s (BTC) substantial rise towards $110,000 has rekindled optimism in the cryptocurrency market, shifting focus towards major altcoins. However, leading altcoins like Ethereum (ETH)
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2,529, Litecoin (LTC), and Quant (QNT) are still struggling against key resistance levels, causing speculation on whether a new rally will emerge or a decline will deepen.
Litecoin’s Price Approach to Critical Support
Litecoin showed signs of breaking its previous stagnation earlier this year by indicating upward movement. Nevertheless, its progress was short-lived as the price fell back under $100. Despite bulls attempting a V-shaped recovery, bears have been suppressing this effort, hinting at potential further decline for LTC as it begins the week on a weaker note.
According to chart data, Litecoin has been operating within an ascending channel since the bearish 2022 market. However, recent attempts to surpass the channel’s mid-band have failed, with technical indicators signaling concerns. The 50 and 200-day moving averages have yet to form a “Golden Cross,” while the Directional Movement Index (DMI) displays bearish signals. This scenario suggests a potential price retreat to $75, with this level serving as a critical support for recovery.
Quant Prepares to Break From Lateral Movement
Despite Quant achieving a significant rise of over 60% in recent history, it couldn’t sustain its momentum. Recently, QNT has been trapped within a horizontal price range, indicating indecisive market direction. This stagnation points to weak buyer activity and poses a risk of the price descending to $80, although this consolidation could also indicate an accumulation phase.
Chart analysis reveals the narrowing of the Bollinger Bands, suggesting imminent volatility, implying possible drastic price movements. Additionally, the Chaikin Money Flow (CFI) indicator is trending toward average levels, suggesting a decrease in fresh capital flow into the market. The direction of QNT’s price will depend on a potential increase in trading volume, determining whether it will break upward or lead to a further decline. In the case of an upward breakthrough, the target would be $111.
Looking at the current market structure, significant purchasing activity is necessary for Litecoin and Quant to break through the $100 barrier. Achieving these levels would also depend on a general positive shift in market sentiment.