The cryptocurrency market is in full swing this Monday, November 20, as prices take an optimistic upward turn. Investors are coming back into the game, driven by a hopeful perspective and excitement over a possible approval of the Bitcoin Spot ETF. But the landscape is not entirely smooth. Last week, the market took a step back as traders hit the brakes amid growing uncertainty. This cautious state of mind was further fueled by the SEC Drags Its Feet on ETF Decisionsincluding black rock And loyaltyThe recent Ethereum ETF proposal. All eyes are now on the next FOMC minutes, which should give some indication on the state of the economy and the next steps the Fed could take.
Focusing on individual cryptocurrencies, Bitcoin showed resilience by climbing back above the $37,000 mark, supported by a 20% increase in trading volume. Ethereum is not far behind, crossing the $2,000 threshold again. Cardano (ADA) and Litecoin (LTC) are also taking action, with ADA seeing a 3% rise even as its trading volume drops 10%, and LTC rising slightly over 1%, albeit with a drop of 46% of commercial activity. Market sentiment, as measured by the Fear and Greed Index, leans heavily toward greed with a score of 72, hinting at the high stakes and high hopes of the crypto world.
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Cardano (ADA) is currently a hot topic in the crypto world, especially with recent news involving its founder, Charles Hoskinson, attractive Former OpenAI CEO Sam Altman to collaborate on decentralized Large Language Model (LLM) project. This invitation comes as Altman was recently fired and ongoing deliberations for his reinstatement at OpenAI. The implications of such a partnership could be far-reaching for ADA, which is already vying for the top spot in development activity against Peas.
Additionally, native assets of the Cardano (ADA) blockchain have recently exceeded 9 million, indicating a robust and growing ecosystem. Adding to the mix, the change in ADA Weighted Sentiment from a pessimistic 0.218 to an optimistic 1.529 reflects a growing positive perception among investors. This feeling is further supported by the Funding ratecurrently at 0.01%, indicating a bias towards bullish positions in the derivatives market.
Cardano (ADA) Technical Analysis
Technically, Cardano (ADA) is oscillating between its first support level at $0.3463 and the first resistance level at $0.4159. The MACD level, located at 0.0044, indicates slight bullish momentum, while the RSI at 62.61 is heading towards overbought territory, but this is not alarming.
Source: Trading View
The moving averages present a more nuanced picture: the 10-day simple moving average (SMA) is at $0.3814, while the 50-day SMA stands at $0.3727, followed closely by the 200 SMA days at $0.3226. This alignment indicates a continued uptrend, but the impending crossover of the 50-day and 200-day SMAs could be a game-changer, potentially signaling a golden cross or a death cross, each with significant implications for future action of the ADA price.
Cardano (ADA) Price Prediction
In a bullish scenario, if Cardano (ADA) breaks above the immediate resistance at $0.4159, it could target the second resistance level at $0.4476 and potentially target the third resistance at $0.5172. This rally could be driven by positive developments in the ADA ecosystem, such as the potential collaboration with Altman and growing investor sentiment.
On the other hand, a bearish outcome could see Cardano (ADA) pull back to test support levels, with a possible drop to $0.3463 and even as low as $0.3084, particularly if the anticipated crossover is successful at a deadly crossroads or if external factors, such as fluctuating sentiment around Altman’s situation negatively impact investor confidence.
Therefore, even though current indicators are trending upward, traders and investors should remain vigilant for any changes in market dynamics or ADA fundamentals.
Litecoin (LTC) recently reached a major milestone: IntoTheBlock reported that LTC recorded over 1 million transactions in a single day on November 14, setting a new all-time high. This feat not only surpassed its own previous records, but also surpassed Bitcoin in daily transactions, along with Litecoin (LTC) handling 1.3 million transactions compared to 430,000 for Bitcoin.
This burst of activity is not limited purely on the volume of transactions; Daily active LTC addresses also reached a staggering 797,000, closing in on Bitcoin’s 960,000 and far surpassing Ethereum’s 405,000. Such robust network usage and user activity suggests a large and active user base for Litecoin (LTC).
Adding to this momentum, the network saw more than 300,000 new Ordinal registrations last week. Additionally, Bakkt, a key player in trading and custody services, recently included LTC in its enhanced custody platform, potentially expanding the accessibility and appeal of altcoin.
Litecoin (LTC) Technical Analysis
From a technical perspective, Litecoin (LTC) is currently trading near the $71 mark, located between its first support at $61.48 and its first resistance at $74.6. The MACD level at 0.79 indicates robust bullish momentum, while the RSI at 51.36 suggests that LTC is neither overbought nor oversold, providing room for further price movements.
Source: Trading View
The simple moving averages (SMA) also paint a bullish picture; The 10-day SMA is at $71.88, slightly above the current price, and the 50-day and 100-day SMAs at $69.4 and $66.69, respectively, are also trending higher. These indicators collectively signal a strong bullish trend for Litecoin (LTC) in the short to medium term.
Litecoin (LTC) Price Prediction
In a bullish scenario, if LTC breaks the nearest resistance at $74.6, it could target the second resistance level at $80.28 and possibly the third resistance at $93.4. This upward trajectory could be supported by growing network usage, growing user base, and increased institutional support.
On the other hand, a bearish turn could see Litecoin (LTC) move back towards its first support level at $61.48, and if the momentum changes significantly, it could test the second support at $54.04 and an even lower threshold at $40.92. Such a slowdown could be influenced by broader market trends or a change in investor sentiment.
However, given current channel metrics and recent developments, the outlook for LTC appears mostly optimistic in the near term.
Cardano (ADA) and Litecoin (LTC) are making serious waves in the crypto scene. ADA, under the leadership of Charles Hoskinson, is brimming with potential through its plans for a decentralized LLM project. Its growing ecosystem, marked by a rise in native assets and increasingly optimistic investor sentiment, really highlights its appeal and upside prospects. Technically speaking, Cardano’s (ADA) dance between crucial support and resistance levels, combined with positive indicators, opens up opportunities for growth – although, as always in the crypto world, a little caution is in order. due to the ups and downs of the market. .
Meanwhile, LTC is making headlines left and right with its unprecedented trading volumes: this burst of activity, backed by significant institutional support like its new spot on Bakkt’s custodial platform, really puts Litecoin (LTC) in a positive position. From a technical perspective, the altcoin is showing all signs of an uptrend, with indicators pointing towards potential growth. But, as is the case with any cryptocurrency, LTC’s path could be influenced by broader market trends and changes in investor sentiment.
In the ever-changing world of cryptocurrency, Cardano (ADA) and Litecoin (LTC), each with their unique strengths and exciting new advancements, are definitely ones to watch.
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