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With an Altcoin Bull Run on the Horizon, Cardano (ADA) and Litecoin (LTC) May Jostle for


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The cryptocurrency market is witnessing a fascinating interplay of forces: Bitcoin recently soared towards $38,000 only to see a retreat again as traders quickly seized profits, especially around Thanksgiving. Experts view this seesaw movement as a prelude to a potentially larger bull market, with Bitcoin’s current position below $40,000 being a phase of consolidation. Compounding the intrigue, Binance, a major crypto exchange, is witnessing a significant outflow of BTC amid legal developments with its founder, Changpeng Zhao. This has resulted in a shift of assets to rivals like Coinbase.

Amidst Bitcoin’s fluctuations, altcoins are slowing down after many have broken past the 50-week SMA, signaling a growing investor confidence reminiscent of the pre-upswing period of 2020. In this landscape, Cardano (ADA) and Litecoin (LTC) are each following their own trajectories, with ADA recovering from a minor dip and LTC experiencing a slight decline after recent gains. Enter ScapesMania (MANIA), a burgeoning presale project, is garnering attention for its promising outlook. It’s a gaming ecosystem where the community doesn’t just watch from the sidelines, but actually gets to call the shots, thanks to its DAO setup. 

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Cardano (ADA), amidst a flurry of market activity, has seen an impressive 38% rise over the past month, with indications of adding a further 4% in the current week. This upward trend has been buoyed by a massive influx of whale transactions totaling a staggering $13.7 billion, a significant investment showing a strong endorsement of the Cardano protocol. Market analysts are closely watching accumulation of ADA, particularly between the price ranges of $0.368 and $0.391, where a colossal 7.51 billion tokens have been amassed. This intense concentration of holdings represents both a solid support and a risk factor; the big question now is, will the holders in this range stick around or bail out at the first sign of trouble?

Cardano (ADA) Technical Analysis

On the technical analysis front, Cardano (ADA) is currently navigating the waters between its first support point at $0.3771 and first resistance point at $0.3862. This tight trading range is crucial, as it sits right in the thick of the recent accumulation zone. Traders are carefully monitoring the 14-day RSI, hovering around the 70% mark, signaling that ADA could be entering overbought territory.

Source: TradingView

Adding to the complexity, the 3-10 day MACD oscillator is stalling at $0.3916, just above the second level resistance at $0.3911, indicating one more barrier to upward movements. Meanwhile, the 3-10-16 day MACD moving average stalls at $0.3637, slightly below the third support point at $0.3679, offering a potential cushion against a downturn.

The recent bullish news from the Cardano (ADA) DeFi ecosystem, particularly the launch of TeddySwap and its integration with popular ADA wallets, is adding fuel to the fire. This growth in the DeFi sector has even led altcoin’s TVL to surpass Bitcoin, indicating a strong interest in the Cardano (ADA) market. But, there’s a twist: despite these positive developments, ADA took a surprising downturn following its partnership with Inspect, leaving traders and investors in a state of anticipation about its next move.

Cardano (ADA) Price Forecast

In terms of future prospects, the bullish scenario could see Cardano (ADA) break through $0.3862, potentially riding the wave of its recent partnership and DeFi ecosystem growth. Crypto analyst Dan Gambardello’s bullish prediction of ADA reaching $11 in the upcoming bull cycle could be underpinned by factors like the further growth of its TVL and the Vasil Hardfork upgrade. If altcoin breaches the $0.3911 resistance, the next significant levels to watch would be the third resistance at $0.3953 and the 13-week high at $0.4086, aligning with the 1-month high. 

On the other hand, the bearish scenario would involve Cardano (ADA) falling below its immediate support;.a breach below $0.3771 could see it test the second support point at $0.3729, and further weakness might push it towards the third support level at $0.3679. Such a downturn could be exacerbated if the large holders decide to exit, potentially flooding the market with a large volume of ADA tokens and reversing recent gains. 

Litecoin (LTC) has recently set a new record in the crypto world, achieving over 1 million transactions in a single day – this milestone not only surpasses the asset’s previous records, but also exceeds Bitcoin’s daily transaction volume. Adding to this momentum, the LTC network activity has seen a surge with daily active addresses nearing those of Bitcoin and far surpassing Ethereum’s. In the wake of this activity, Litecoin (LTC) has also seen a substantial increase in new Ordinals inscriptions and gained further traction with Bakkt including LTC in its enhanced custody platform.

Cardano (ADA) Technical Analysis

In the realm of technical analysis, Litecoin (LTC) is currently positioned in a crucial trading zone, oscillating between the first support level at $68.37 and the first resistance point at $70.75. This narrow trading band is just below the 1-month and 13-week high of $76.9. 

Source: TradingView

The 14 Day RSI is currently at 50%, indicating a neutral market sentiment. The 3-10 day MACD oscillator, stalling at $69.27, and the 3-10-16 day MACD moving average stalling at $70.97 suggest a potential hesitation in the upward momentum. 

Additionally, resistance points at $71.93 and $73.13, alongside the $71.65 mark where the 9-day moving average stalls, are critical levels that could dictate the short-term trajectory of LTC. A sustained move above these thresholds could signal a bullish breakout, aligning with the positive network usage data.

Cardano (ADA) Price Forecast

The bullish scenario for Litecoin (LTC) is underscored by the potential breakout from a long-term ascending triangle pattern, as noted by crypto analyst Shan Belew. A decisive move above the key resistance levels, particularly around $71 where recent liquidations have caused a price correction , could see LTC challenging its 13-week high at $76.9 and possibly pushing towards the $85 mark. 

However, on the bearish side, if Litecoin (LTC) fails to breach these resistance levels, a pullback could see it testing lower support levels, with the second support at $67.16 and further down at $65.99. The recent 15% decline in trading volume and the MVRV ratio drop add to the bearish concerns, suggesting a potential cooling off of investor interest in the short term. 

As the Christmas bull run is around the corner, Cardano (ADA) and Litecoin (LTC) are grabbing headlines with their distinct paths. ADA is currently buzzing from its recent DeFi developments and a surge in market interest, finding itself at a crucial moment. It’s a bit like a tightrope walker – will it confidently stride forward and break through the resistance, or wobble under the pressure? On the other side, LTC, riding high on a wave of record transaction volumes and growing network activity, faces its own pivotal moment. Can it leap forward, propelled by its recent successes, or take a step back amid the market’s twists and turns? For both Cardano (ADA) and Litecoin (LTC), it’s a time of high stakes and big possibilities.

Disclaimer: This is a sponsored article and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.





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