Autor: dot-traders

Litecoin (LTC/USD) is once again looking at a possible breakout above a key resistance zone at $64. The price surged strongly to this key level after initially testing a low of $47 two days ago. Bulls are now under test at this key level as bears also stand their ground.

It’s an 11-year birthday for Litecoin. Its developers celebrated the blockchain, which was forked out of Bitcoin to address the shortcomings of the latter. More than a decade later, Litecoin has remained resilient, although price dynamics have hurt it more often than not. Litecoin Foundation says the blockchain has processed more than 33 million transactions without any challenge so far.

As the digitalisation of money takes shape, LTC will surely have a core role to play. The team behind the blockchain says that in the last 11 months, over 45 million new LTC addresses have been created. The number is equal to about 28% of lifetime LTC addresses. Equally, Litecoin’s mining difficulty hit a new milestone at slightly below 18 million hashes. The difficulty implies that miners are competing intensively for mining rewards.

Buyers would really pray that LTC clears $64 amid the positive developments. Two possibilities are likely, from the price action.

LTC corrects slightly below the $64 resistance

Source – TradingView

Price action indicators show a mixed outlook for LTC. On the one hand, an uptick in price and recovery from an RSI reading of 39 suggests a potential bullish market.

On the contrary, LTC has slowed down since hitting the resistance at $64. A breakout is far from being confirmed, so we should still hold a bearish bias.

When should you buy Litecoin?

A break above the $64 resistance would make the LTC price attractive to buyers. The resistance is a key zone that has held LTC since June. Thus, a breakout could welcome a huge move for the cryptocurrency. 

LTC could proceed lower if the breakout fails, with the next potential bottom lying at $50. Investors should keep watch of both scenarios before buying.

Where to buy LTC

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

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Skilling

Skilling is a Scandinavian based cryptocurrency broker which has a desktop website as well as apps for iOS and Android devices. It supports over 50 cryptocurrencies and it has a demo account to allow users to gain familiarity with the platform. Skilling has no hidden fees, it is an officially regulated broker and it supports a wide range of payment methods.

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The post Litecoin eyes a bullish breakout. Why buyers should keep their fingers crossed appeared first on CoinJournal.

Dogecoin (DOGE/USD) trades at $0.085. Just a week ago, the cryptocurrency had tapped the $0.15 level. The losses underline the meme tag associated with Dogecoin. The cryptocurrency remains under the mercy of bears if the price fails to overcome a key level.

Dogecoin’s recent recovery has largely been pegged to Elon Musk’s acquisition of Twitter. Had you bought DOGE before October 27, when he finalised the acquisition, you would have tripled your investment. That is if you exited your position on August 31. Now, days after sealing the deal, the excitement has subsided, and DOGE may need a fresh price catalyst.

Musk has kept mum over whether DOGE would be accepted as payment for the social media giant. The billionaire had in the past supported DOGE and hinted at its use in Twitter payments. So the probability remains, but the lack of open announcements has been slowing DOGE. Consequently, the token has lost the mojo it had started late last month. Consequently, we could see the price remain subdued even longer if positive developments fail to come by.

DOGE struggles to clear $0.09 after attempting recovery at 78.6% Fib. level

Source – TradingView

Turning to the technical side, Dogecoin has found little bullish footing since sliding to $0.07. The level is slightly below the 78.6% Fibonacci retracement zone. However, recovery has been muted by key resistance at $0.09, and DOGE is taking another dip.

Should you buy DOGE?

Dogecoin is a very surprising cryptocurrency. The smallest of news can make the buyers go crazy. Taking advantage of such moves can generate huge returns, irrespective of what the technical indicators show.

Nonetheless, the current sentiment is not only bad for DOGE but all cryptocurrencies. DOGE also suffers from the lack of positive mentions, such as the speculated use in Twitter payment. With this in mind, a bear market could be inevitable.

A technical outlook shows that $0.09 is a key zone for DOGE to break to go higher. To a technical reader, the meme cryptocurrency is not an attractive buy.

Where to buy DOGE

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

Buy DOGE with eToro today Disclaimer

The post Back to basics as Dogecoin retraces to 78.6% Fib level. Here is the potential price action appeared first on CoinJournal.