Crypto Price Analysis
For the past week Bitcoin (BTC) has been leading the latest crypto rally, and this increased its supremacy on Nov. 19 by 67 percent. However as Bitcoin nears its all-time peak, as the action moves to altcoins, it appears to be losing momentum. This brought down the supremacy of Bitcoin to around 63.88 percent .
One leader alone cannot lead any long-term bull market. When the leader goes into a consolidation or a minor correction, there are occasional rotations as others take the lead. In the crypto markets, a similar rotation is currently playing out with XLM, XRP and ADA leading the rally as Bitcoin digests its gains.
Daily cryptocurrency market performance. Source: Coin360
As the current bull phase matures and the commentary becomes even more bullish, the underperforming assets that were not swept up in the bull run may begin to be purchased by some traders who have missed a large part of the move.
This stage is typically marked by a top. Hence, on the underperforming coins, traders can keep a watch. It could be a sign when they start flying that it's time to book profits and run with your cash.
To decide if the upward trend will continue or whether a short-term reversal is around the corner, let's examine the LTC, ADA and XLM cryptocurrencies.
Video crypto price coverage
XLM/USD
XLM is currently breaching the level of resistance with a solid price range upward trend of over 20 cents. The pullback will try to touch the 17.5 cents level of resistance. XLM could touch the second resistance level at 15.5 cents in the case of a big selloff.
XLM /USD 15min chart. Source: TradingView
Long term
XLM /USD weekly chart. Source: TradingView
XLM is on target with the current market momentum to try to crack the next resistance level of $28 cents.
A breakout above $28 cents could lead to $33 cents in a rally.
ADA/USD
ADA is on target with the current market momentum to try to crack the next resistance level of $28 cents.
A breakout above $28 cents could lead to $33 cents in a rally.
ADA/USD 15 minutes chart. Source: TradingView
ADA Long term
ADA/USD monthly chart. Source: TradingView
With the current momentum in the market, ADA is on track to try to crack the next $29 cent resistance stage.
A breakout above $20 cents could lead to $29 cents in a rally.
However the pair can stall at $16 cents after the sharp run of the past few days and digest the gains for a few days before beginning the next trending step.
LTC/USD
LTC appears to be in an urgent position to try to keep up with the price rally for Bitcoin. Litecoin is 160 percent short of going back to its ATH.
LTC/USD 15min chart. Source: TradingView
LTC/USD weeks chart. Source: TradingView
With a high support level at $85, there is a resistance at $91. But the LTC/USD pair could rally to $120 if the bulls can force the price above it. Usually, a sharp correction or a restructuring follows such cycles of frenzied purchasing.
A fall below the Nov. 25 intraday low at $ 84 could boost sales and signal an end to the bullish momentum.
The viewpoints and opinions expressed here are solely those of the author and do not necessarily represent the views of Cryptostec. Any investment and trade move involves risk. When you make a decision, you can do your own analysis.
