- Litecoin and Stellar, despite recent price dips, show signs of recovery based on technical indicators and support levels.
- Both cryptocurrencies are anticipated to rebound, with Litecoin targeting $141.14 and Stellar aiming for $0.514783.
Both Litecoin (LTC) and Stellar (XLM) have experienced dips in intraday trading recently. However, analysts at Economies.com remain optimistic about their mid-term prospects.
Litecoin Seeks Support, Eyes Upside
Litecoin’s price (LTCUSD) has pulled back after reaching overbought territory according to the Relative Strength Index (RSI). This indicator measures momentum, and when it reaches overbought levels, it can signal a potential reversal. However, the price is finding support at its 50-day Simple Moving Average (SMA), which is a key technical indicator that can identify trends. This suggests that the overall uptrend for Litecoin in the medium term is still intact.
Economies.com analysts expect Litecoin to rebound and target a resistance level of $141.14. This bullish prediction hinges on the crucial support level of $97.54 holding firm.
Stellar Poised for Potential Recovery
Similar to Litecoin, Stellar’s price (XLMUSD) has also dipped recently after entering oversold territory on the RSI. However, Stellar is also finding support at its 50-day SMA and its medium-term uptrend line. This technical confluence signals a potential opportunity for Stellar to recover and regain momentum.
Economies.com analysts forecast that Stellar could rise towards its first resistance level of $0.514783. This positive outlook is contingent on Stellar maintaining support at $0.386635.
The Takeaway
While both Litecoin and Stellar have experienced short-term price declines, the technical indicators suggest that these dips may be temporary. The support levels and upward trends provide reasons for optimism in the medium term. Investors should keep an eye on these support levels and how the prices react around them to confirm the forecasted upward movements.
