Litecoin moved closer to the top ceiling at $ 280, but that area has likely been defended by the bears. Polkadot returned to the 50% Fibonacci level at $ 37 and it was expected that some buying would take place in the future. Finally, Cardano had to make up a bit more ground ahead of a breakout above $ 1.47.
Litecoin tried to recapture the USD 280 area but there was strong resistance above that point within the 4 hour timeframe. The bears have defended this area since retreating on April 18th and a jump would likely be denied again. Although the pressure to buy has exceeded the pressure to sell in the past few days OBVNo move above $ 280-290 was warranted yet.
However, ADX pointed to the 25 level and suggested a bullish build. If Bitcoin manages to surpass $ 60,000, the push could push LTC above its cap and even above $ 300. An increase in trading volume across the exchanges could signal an incoming price swing. However, if the broader market stays the same, expect some sideways movement.
Polkadot’s increase of over 5% in the last 24 hours may seem small compared to some other alts, but there was something important going on in the 4-hour charts. Supported by the increasing upward momentum, the price returned to the Fibonacci level of 50% above USD 37. This area has proven to be a reliable support level on previous drops, and some buying may be at the current price. The Fib level of 61.8% is just over $ 40 and this was the next target for the bulls.
Ingenious oscillator registered consecutive green bars and highlighted positive dynamics. However, MACD reflected a degree of neutrality as the fast moving line was superimposed on the signal line.
Press momentary display on Cardano was moving north and toward the half-line when the swing seemed to switch hands to the bullish side. Although the first green bar would provide a buy signal, the price was still far from the upper limit of $ 1.41. If the dotted line along the index changes to white, a squeeze is no longer effective and sharper gains would be possible.
For now, RSI was pointing south from 55 and the market should remain fairly balanced in the short term. Resistance levels to watch out for include $ 1.41 and $ 1.47, and jumping above the latter would likely cause ADA to move up to a fresher ATH.
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