Crypto NewsLitecoin (LTC)

Litecoin LTC, Solana SOL Head For $100 As Cryptos Plunge

The flight in the crypto market has resumed this week after we saw a retracement to the upside last week that didn’t last. Stock markets have been down and technology companies in particular have tumbled during this period as the coronavirus situation appears to be improving with the simpler Omicron variant. So there will be no more lockdowns and working from home won’t be the future, so tech companies are falling.

Also, central banks are tightening, which is also weighing. Also cryptocurrencies have suffered and are now in decline again, with Litecoin and Solana heading for $100, but that makes them cheaper to buy.

Litecoin Daily Chart – MAs turning into resistance for LTC

Litecoin continues to show weakness as it continues to slide lower despite the number of whales accumulating LTC for the longest streak since 2017. The MimbleWimble upgrade should have also helped boost sentiment for LTC, but sentiment in the crypto market remains fairly bearish, which is also the case with LTC/USD dragged lower.

LTC/USD

Litecoin surged from $200 to $300 in early November, but since then the trend has been down and is actually leading the crypto market during these bearish times. Last week we saw a bullish retrace that pushed the price above the $140 support/resistance level, but the 50 SMA (yellow) turned into resistance and rejected the price. LTC so is trading above $120 and is now moving towards $100 which would be a decent place to look for longs.

Solana Daily Chart – SOL breaks below the 200 Daily SMA

Solana coin was one of the strongest cryptocurrencies up until November as many applications are being built on this network, increasing demand for the native token. But bearish sentiment in the crypto market, which has accelerated as central banks begin to tighten, has dragged Solana down with it.

Litecoin LTC, Solana SOL Head For $100 As Cryptos Plunge, Crypto Trading News

Will the decline end at $100?

So, SOL/USD is now trading around $100 after breaking all support levels as well as the 200 SMA. The decline accelerated yesterday after the break of the recent $130 support zone. Now the price is heading towards $100 which also looks like a good buy level but the decline has been too fast and central banks are just starting to hike rates so we’ll see how the price will react once it gets down there is.

Source: Crypto News Deutsch

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