The crypto market is always full of surprises, and recent trends are no exception: on Monday, December 11, Bitcoin and its altcoin companions retreated from an impressive 20-month high. However, despite a slight pullback, its ** is still hovering near the top of the recent surge.
This sarcasm of stability has everyone focused on the Fed's upcoming decision, which could set off a new wave of enthusiasm among investors.
Speaking of waves, altcoins have experienced quite a wave lately. Excluding Bitcoin, the total market value has jumped from $526 billion in September 2023 to a whopping $622 billion. Litecoin (LTC) and Monero (XMR) performed well, growing by 6% and 4%, respectively, in just two weeks.
But as the market corrects itself, the two companies are also feeling a bit of pressure, with a slight ** in the last 24 hours.
Litecoin (LTC) is currently trading at its first support level of 64$16 and the first resistance level at 75$79. Simple Moving Flat** SMA) adds depth to this picture, and the 10-day Moving Flat ** SMA) is located at 74$38, slightly higher than the current**, 100-day moving flat** SMA) is located at 67$6, which provides a broader perspective on near-term strength.
The Relative Strength Index (RSI) is 5113, showing a neutral market momentum, while the Stochastic %k reflects a similar sentiment at 5267。However, the Average Directional Index (ADX) is at a low of 1776, indicating the lack of strong trend direction, while the Commodity Channel Index (CCI) is at 1966, confirming this neutrality. The MACD level is 122, momentum is 071, adding a subtle hint to the potential move to come.
In a bullish scenario, the resilience of Litecoin (LTC) is reflected in its high market value-to-realized value (MVRV) ratio and consistently high trading volume, indicating a healthy market state. In addition, BitPay has adopted LTC as the currency of choice, accounting for 34% of its cryptocurrency payments, indicating the growing utility and acceptance of altcoins, surpassing the realms of Bitcoin and Ethereum.
This could signal a push to the upward resistance level, targeting 75 first$79 and could aim higher for 82$13 and $93$76. The MACD and momentum indicators will also support this move, suggesting that buying pressure is increasing.
Conversely, recent data shows that the pessimistic outlook is exacerbated by recent data showing that around 100 wallets that held Litecoin (LTC) just 199,000 days ago are now empty. This massive withdrawal (mostly from small-scale holders) is indicative of a lack of confidence among these investors, likely driven by concerns about LTC's long-term viability and liquidity. This apprehension may push ** towards the lower support level, where 64The $16 threshold is the most immediate line of defense.
If the bearish momentum intensifies, a further decline towards 58 is likely$87, or even $47$24. This may happen at the same time as a continued decline in the asset's MVRV ratio and the possible turn of the MACD and momentum indicators into negative territory.
As of now, Monero (XMR), a well-known player in the cryptocurrency world, is trading at 160Immediate support at $19 and $176Hovering between the $80 resistance level.
The Moving Flat indicator presents an interesting picture: the 10-day Moving Flat is located at 172$57, slightly above the current level**, suggests that there may be near-term resistance, while the 100-day moving flat** sits at 158$02, indicating a solid support level in the long term. In addition, the RSI is 5407, pointing to neutral market momentum – neither overbought nor oversold. Stochastic %k is located at 6553 also hints that there may be an imminent change, but the ADI is at 15A low of 17 indicates a lack of a strong trend in either direction.
In a bullish scenario, Monero (XMR) can capitalize on its near-term resilience – despite a major security breach in September, when the XMR community crowdfunding wallet was compromised, resulting in a loss of nearly $460,000, overall market sentiment remains largely positive. According to reports, more than 85% of users remain optimistic about Monero (XMR), which is reflected in a 9% increase in trading volume over the past 24 hours, totaling $89.8 million.
The increase in market activity, combined with XMR's nearly 14% year-to-date gain, indicates growing investor confidence. If this optimism persists, and the MACD level is 209 indicates a potential bullish crossover and Monero (XMR) could break above 176The resistance level of $80 is targeted for the next upper limit of 183$60, maybe even $200$21.
On the other hand, the impact of the security breach could ultimately affect investor sentiment: if its pending nature starts to erode confidence, coupled with a broader market trend downward, XMR could retest its support level. The momentum indicator is -109 It has been shown that the upward momentum has weakened slightly. If bearish pressure intensifies, Monero (XMR) could fall towards 160Immediate support at $19.
A break below this level could lead further to 150$38, or even more to $133$77. The Commodity Channel Index (CCI) is 3043, while still in the normal range, is likely to fall towards oversold territory, reinforcing a potentially bearish phase.
In the current cryptocurrency landscape, Bitcoin and altcoins, including notable players such as Litecoin (LTC) and Monero (XMR), have shown a mix of resilience and vulnerability. Despite a slight pullback from recent highs, these coins are still close to the peak of their spike, and the market is awaiting the Fed's upcoming decision.
LTC has shown promise through the adoption of BitPay and the healthy market conditions indicated by its technology, but faces the potential risk of loss of confidence among small and medium-sized investors;Despite the recent security breach, XMR is still on the rise of positive community sentiment, but it is also at a crossroads, with technical indicators indicating a possible direction, but no clear trend.
The contrasting bullish and bearish indicators of Litecoin (LTC) and Monero (XMR) highlight the inadmissibility of the crypto market, and investor sentiment and external factors could quickly shape the direction of these digital assets.