With an Altcoin Bull Run on the Horizon, Cardano (ADA) and Litecoin (LTC) May Jostle for the Top Spot



The Cryptocurrency Landscape

The cryptocurrency market is witnessing a fascinating interplay of forces as bitcoin recently soared towards $38,000 only to see a retreat again as traders quickly seized profits. Experts view this seesaw movement as a prelude to a potentially larger bull market, with bitcoin‘s current position below $40,000 being a phase of consolidation. Compounding the intrigue, Binance, a major crypto exchange, is witnessing a significant outflow of BTC amid legal developments with its founder, Changpeng Zhao. This has resulted in a shift of assets to rivals like Coinbase. Amidst bitcoin‘s fluctuations, altcoins are slowing down after many have broken past the 50-week SMA, signaling a growing investor confidence reminiscent of the pre-upswing period of 2020.


The Rise of ScapesMania (MANIA)

In this landscape, ScapesMania (MANIA), a burgeoning presale project, is garnering attention for its promising outlook. It’s a gaming ecosystem where the community doesn’t just watch from the sidelines, but actually gets to call the shots, thanks to its DAO setup. Imagine having a say in a multi-billion-dollar industry – that’s exactly what MANIA offers to its backers, lighting up a whole new chapter in the crypto space. While some are facing an uncertain future, the trajectory of a presale project is far easier to predict. ScapesMania (MANIA) is a well-balanced, meticulously designed project that acts as a gaming ecosystem. Through DAO governance, backers will be able to influence and benefit from a multi-billion-dollar industry. A wide range of features paired with the best technology, a professional team, and a long-term, highly ambitious vision can make ScapesMania the next big thing in crypto. Presale discounts and stage bonuses only add to the project’s appeal. Presale is Live Now – Join Now for a Chance to Benefit with MANIA.

See also  Can Ripple (XRP) reach $1 in 2023 if certain conditions are met?


Cardano (ADA) Outlook

Amidst a flurry of market activity, Cardano (ADA) has seen an impressive 38% rise over the past month, with indications of adding a further 4% in the current week. This upward trend has been buoyed by a massive influx of whale transactions totaling a staggering $13.7 billion, a significant investment showing a strong endorsement of the Cardano protocol. Market analysts are closely watching accumulation of ADA, particularly between the price ranges of $0.368 and $0.391, where a colossal 7.51 billion tokens have been amassed. This intense concentration of holdings represents both a solid support and a risk factor; the big question now is, will the holders in this range stick around or bail out at the first sign of trouble?


Cardano (ADA) Technical Analysis

On the technical analysis front, Cardano (ADA) is currently navigating the waters between its first support point at $0.3771 and first resistance point at $0.3862. This tight trading range is crucial, as it sits right in the thick of the recent accumulation zone. Traders are carefully monitoring the 14-day RSI, hovering around the 70% mark, signaling that ADA could be entering overbought territory. Adding to the complexity, the 3-10 day MACD oscillator is stalling at $0.3916, just above the second level resistance at $0.3911, indicating one more barrier to upward movements. Meanwhile, the 3-10-16 day MACD moving average stalls at $0.3637, slightly below the third support point at $0.3679, offering a potential cushion against a downturn.


Cardano (ADA) Price Forecast

In terms of future prospects, the bullish scenario could see Cardano (ADA) break through $0.3862, potentially riding the wave of its recent partnership and DeFi ecosystem growth. On the other hand, the bearish scenario would involve Cardano (ADA) falling below its immediate support; a breach below $0.3771 could see it test the second support point at $0.3729, and further weakness might push it towards the third support level at $0.3679.

See also  Newly Launched and Upcoming Drops of Cardano NFTs


Litecoin (LTC) Momentum

Litecoin (LTC) has recently set a new record in the crypto world, achieving over 1 million transactions in a single day – this milestone not only surpasses the asset’s previous records, but also exceeds bitcoin‘s daily transaction volume. In the wake of this activity, Litecoin (LTC) has also seen a substantial increase in new Ordinals inscriptions and gained further traction with Bakkt including LTC in its enhanced custody platform.


Litecoin (LTC) Technical Analysis

In the realm of technical analysis, Litecoin (LTC) is currently positioned in a crucial trading zone, oscillating between the first support level at $68.37 and the first resistance point at $70.75. The 14 Day RSI is currently at 50%, indicating a neutral market sentiment. The 3-10 day MACD oscillator, stalling at $69.27, and the 3-10-16 day MACD moving average stalling at $70.97 suggest a potential hesitation in the upward momentum.


Litecoin (LTC) Price Forecast

The bullish scenario for Litecoin (LTC) is underscored by the potential breakout from a long-term ascending triangle pattern, as noted by crypto analyst Shan Belew. On the bearish side, if Litecoin (LTC) fails to breach these resistance levels, a pullback could see it testing lower support levels, with the second support at $67.16 and further down at $65.99.

As the Christmas bull run is around the corner, Cardano (ADA) and Litecoin (LTC) are grabbing headlines with their distinct paths. It’s a time of high stakes and big possibilities, with both cryptocurrencies finding themselves at crucial moments of decision. The next moves could determine the trajectory for these digital assets as they navigate the complex landscape of the crypto market.\\

### News source: cryptodaily.co.uk

See also  July 2023 Cardano (ADA) Price Forecast: Predicting the Journey Ahead

By Team