The cryptocurrency market is looking to start a rally in early 2022 after having been declining since early November. The decline stalled earlier this month, but cryptos didn’t find the strength to go bullish. Although we’ve seen increased upward pressure in the past few days, especially on certain cryptos like Cardanowhile other cryptos like Litecoin, Bitcoin (BTC) and Ethereum (ETH) it is difficult to resume the uptrend. Let’s see how Cardano and Litecoin look ahead to the new year.
Cardano Daily Chart Analysis – ADA breaks the 50 daily SMA and rises above $ 1.55
Cardano breaks that resistance at $ 1.50
Cardano has been one of the most bearish since September Cryptocurrencies and missed the uptrend in the crypto market in October and early November. We saw an attempt to get bullish in November as the market was in the middle of a bullish cycle and ADA / USD buyers above the 50-day SMA (yellow) pushed the price down to $ 1.20. We waited for $ 1 to buy ADA coins, but Cardano turned back at $ 1.20 and has now climbed back above the 50 SMA and topped $ 1.55.
Cardano is a very promising one Blockchain, but it hasn’t piqued buying interest in its ADA token, despite founder Hoskinson trying to get it to be bullish, which could work as the price has gone up in the past few days. The dApps are coming to Cardano, with SindaeSwap being the first DEX to hit the market and more in 2022. This should help ADA generate buying interest, and this could be the reversal that many have been waiting for. However, we will monitor the price action to see if it gets really bullish.
Litecoin Daily Chart Analysis – LTC finds resistance at 200 Daily SMA
Litecoin is still consolidating below the 200 daily SMA
Litecoin has also been weak since September, with only a short-lived upward move from $ 200 to $ 300 while other crypts made massive gains during that time. Litecoin buyers were unable to hold gains and LTC / USD turned bearish, falling to $ 120 earlier this month, despite real support at $ 140.
Litecoin now stays below the 200 SMA (purple) on the daily chart, which acts as resistance, so LTC-Buyers do not seem strong enough to push the price above this level, which would open the door to further profit. Litecoin has seen some positive developments lately with the LTC Visa debit card and activity as well as the number of LTC addresses increasing. However, LTC remains weak so LTC is likely to trade sideways unless market sentiment turns quite bullish.
LTC / USD
Source: Crypto News Deutsch