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October 5, 2022
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Guide & Analysis

Price Analysis 11/6: XRP, Chainlink, Litecoin

As a result, Altcoins like XRP, Chainlink and Litecoin recorded losses on their daily charts.

Short-term technical indications for all of the above alternatives suggested a bearish buying momentum and favored sellers.


TradingView, XRP / USDT

XRP has fluctuated in a downtrend between two parallel lines heading south until last week. Shortly thereafter, XRP bulls triggered an uptrend as the price witnessed a weekly ROI of almost 3%. As a result, the price reached a two-month high on November 4th. Subsequently, the price action witnessed a retraction. As a result, the digital currency recorded a 4.5% loss in the last 24 hours and traded at $1,1322. XRP bears exhibited resistance at $1.2260, while bulls exerted constant pressure.

Short-term technical indicators pointed to a waning buying momentum.

Thus, the Relative Strength Index (RSI) ran south after dipping above the midline. In addition, MACD-Histogram and Awesome Oscillator (AO) displayed red signals and indicated decreasing purchasing power. However, the ADX line stayed at the 19 mark, exhibiting a weak directional trend.

Chainlink (LINK)

TradingView, LTC / USDT
TradingView, LTC / USDT

Over the past three weeks, LINK has taken on a steady uptrend swinging northward. The decentralized Oracle network recorded a monthly ROI of 16.24%. As a result, LINK hit its seven-week high on Oct. 27 at $33.91 and rebounded between trend lines. After that, Altcoin hit its low for the week, with bears exerting sustained pressure.

Bulls showed their power as the price gradually broke its immediate resistance at $31.60 and noted a weekly ROI of 4.67%.

However, so far, LINK was trading at $31.97 after posting a 7.10% loss the day before.

Short-term technical indicators showed a preference for selling force as the Relative Strength Index (RSI) was at the 44 mark. In addition, the MACD lines provided impetus in favor of sellers and the Awesome Oscillator (AO) revealed red signals. However, the ADX line was at the 17th mark, suggesting a weak directional trend.

Litecoin (LTC)

TradingView, LTC / USDT
TradingView, LTC / USDT

The LTC has exhibited an overall bullish outlook over the past month as it has oscillated on a steady upward trend. As a result, its charts registered a monthly gain of 8.57%. However, the price action witnessed a decline as it plummeted to a two-week low on October 27th.

However, bulls exerted pressure and secured support at $177. Now, if bulls could not sustain the pressure, bears intended to push support to $169.5. Altcoin traded at $193.2 and posted a 3.77% loss on its daily charts.

The RSI fell above its midline, indicating a growing selling force. In addition, MACD-Histogram and AO flashed red signals and resonated with decreasing RSI. However, ADX stayed at the 12 mark, portraying a weak directional trend.

Source: Crypto AMB

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