Markets
The crypto market is moving towards bearish territory, what could be next for Litecoin and Polkadot (DOT)?
The cryptocurrency market has recently turned bearish, causing concern among investors. Traders are considering the effects on major digital assets, Litecoin (LTC) and Polkadot (DOT). Meanwhile, the Algotech (ALGT) presale is sparking interest in the evolution of crypto trading and investing.
Litecoin (LTC) shows bullish divergence: end of downtrend?
Litecoin (LTC) is showing a bullish divergence that could signal the potential end of the current downtrend. This divergence occurs when the price of the cryptocurrency falls, the oscillator decreases, but network activity increases, suggesting a change in sentiment.
Santiment data regarding Litecoin (LTC) indicates a remarkable increase in the number of unique addresses interacting with LTC, reaching 704,000 over the past week. This increase contrasts sharply with the 345,000 active addresses recorded in May. Increased Litecoin (LTC) network activity suggests dynamic involvement of market participants in the cryptocurrency, hinting at a potential shift in dynamics.
The 4-hour chart of the Relative Strength Index (RSI) for Litecoin (LTC) is approaching oversold territory, hinting at a potential oversold phase for the coin. Historically, when Litecoin (LTC) reaches oversold levels, it often triggers a price rebound as exhausted sellers give way to renewed buyer interest.
Polkadot (DOT) in a falling wedge pattern: possible uptrend ahead
Despite its best efforts, Polkadot (DOT) has felt the impact of the recent market-wide downturn. Current data as of June 14 reveals Polkadot (DOT) price at $6.37, showing a notable 10% decline over the past week and a significant 88.2% drop from its November 2021 high .
Despite this, crypto analysts see a glimmer of hope from the technical analysis of Polkadot (DOT). They spotted a descending wedge pattern on DOT’s 12-hour chart, hinting at a possible uptrend. This specific pattern, known for its converging bearish trendlines, indicates a potential weakening of bearish momentum, potentially triggering a bullish breakout. If Polkadot (DOT) manages to break free from this trend, experts suggest its value could soon reach around $11-12. Additionally, another analyst highlighted a potential 43.61% upside move, targeting the 0.618 Fibonacci retracement level near $9.50, depending on Polkadot (DOT) breaking out of its range current negotiation.
BitMart to List Algotech (ALGT): Improve Visibility
Algotech (ALGT), a decentralized algorithmic crypto trading platform, seeks to transform the trading and investing landscape through cutting-edge technologies and automation. After raising a staggering $7.2 million during its presale, with its token priced at $0.08.
Algotech (ALGT) recently made a strategic investment of $1.2 million in H100 GPUs to improve the speed, accuracy and capabilities of its AI engine, demonstrating its strong commitment to cutting-edge technologies. Additionally, crypto exchange BitMart revealed plans to list the Algotech (ALGT) token soon, potentially increasing the visibility and liquidity of the project.
The platform aims to empower traders through cutting-edge algorithms, robust technical infrastructure and advanced risk management strategies. Algotech (ALGT) strives to provide a diverse range of algorithmic trading options, including momentum trading, mean reversion, breakout trading and arbitrage opportunities, accommodating a wide range commercial preferences.
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