The cryptocurrency market experienced a volatile start to the week as global market capitalization dropped 0.83%, leaving investors wondering what the next few days would bring. Nonetheless, there were a few notable movers in the market this week, and Shiba Inu (SHIB) and Litecoin (LTC) rose marginally despite the overall bearish sentiment. SHIB prices rallied despite downward momentum, suggesting that a comeback may be on the horizon. Additionally, LTC posted impressive gains of 67% over the last seven days, hitting a four-day high on Monday. In this article, we will take an in-depth look at both of these biggest movers and uncover why they have seen such success, even while other digital assets have been struggling.
SHIB Prices Rally Despite Downward Momentum – Is a Comeback Imminent?
After a volatile start to the week, Shiba Inu (SHIB) prices rose marginally higher on Monday. The coin bounced from its long-term price floor at $0.00001230 and is currently trading around the $0.00001350 mark. However, SHIB is still down 7% in the last seven days.
The 10-day moving average (MA) crossed below the 25-day MA, indicating that the market could be heading towards bearish territory. This can be further confirmed by the fact that the 14 day relative strength index has failed to move past the 52.00 mark which suggests a downturn in momentum for SHIB prices.
That said, there is still hope that the digital asset can turn things around in the short run as SHIB saw some support levels being created around the $0.00001250 mark. If SHIB can break through this key resistance level, there’s potential for a more significant upside as investors look to add more exposure to their cryptocurrency portfolios.
In addition, with Bitcoin currently trading above the $60,000 level and Ethereum trading above $4,000, it may be enough of an impetus for SHIB and other altcoins to benefit from a ‘flight to safety’ due to investors looking to reduce their risk in the crypto market.
Overall, while SHIB is down 7% over the last seven days, it appears that it has found some support at lower levels and could look to make a comeback if a few of these positive indicators turn out favorable in the coming days.
67% Weekly Gains for Litecoin
At the start of the week, Litecoin (LTC) has seen an exponential surge, reaching a peak of $95.58. This move was likely driven by the breakout of a key resistance point of 50.00 on the Relative Strength Index (RSI). The RSI is a very popular indicator used by technical traders to assess a variety of market conditions including whether an asset is overbought or oversold, and potential trend reversals. As at writing, LTC is hovering slightly above this mark at a current reading of 50.43.
Since reaching its earlier peak however, LTC has since declined to around $94.64. This brings its total week-on-week gains to just 1.67%, after it initially surged higher. While this may not seem like much in terms of gains, it is still rather impressive given the heightened volatility across markets due to geopolitical and macroeconomic factors.
It will be interesting to see if Litecoin manages to stay above or climb above $100.00 this week with all the uncertainty and instability in the markets. Many analysts believe that digital assets are more ideal safe-haven investments compared to traditional ones such as gold and silver, due to their increased liquidity, decentralization and transparency. Furthermore, many crypto firms have been beefing up their security and reliable infrastructure which could bolster investor confidence in crypto for the long term.
Only time will tell how far Litecoin and other digital assets can go this week amidst all the uncertainty in the markets, but one thing is certain – volatile markets can provide traders with unique opportunities to capitalize on short-term price action while simultaneously taking advantage of safe-haven investments for the long term.
Overall, the crypto market is full of volatility, but this week saw two of the biggest movers, SHIB and LTC, remain marginally positive. SHIB saw a rally despite some downward market momentum, making some speculate that a comeback could be imminent. Meanwhile, Litecoin has seen an impressive 67% weekly gains, reassuring investors that the crypto markets can still offer promising returns. It is clear that the crypto markets remain unpredictable, but the success of SHIB and LTC this week suggests that investors should remain cautiously optimistic.