Thursday, 23 February 2023

Biggest Movers: LTC Snaps Losing Streak, SOL Moves 7% Lower

by Berkeley Lovelace

Biggest Movers: LTC Snaps Losing Streak, SOL Moves 7% Lower

Litecoin snapped a four-day losing streak on Feb. 22, despite cryptocurrency markets mostly trading lower. The token rose for the first time since Saturday’s session, when prices were above $100.00. On the other hand, solana extended recent declines, falling by as much as 7%.

Litecoin (LTC)

Litecoin (LTC) ended a four-day losing streak on Wednesday, as prices moved away from a recent support zone.

LTC/USD rose to an intraday high of $95.36 earlier in today’s session, which comes 24 hours after falling to a low of $92.48.

Since hitting a price floor of $91.50 to start the week, litecoin bulls have somewhat resurfaced.

This has also delayed what many expected to be an inevitable downward crossover, between the 10-day (red) moving average, and its 25-day (blue) counterpart.

Both trend lines now seem to be heading upwards, and this comes as the relative strength index (RSI) also climbed.

The index is now tracking at 50.44, after bulls rejected a breakout of a floor at 49.00.

Solana (SOL)

Solana (SOL), on the other hand, extended recent declines, as the token remained in the red for a second straight day.

Following a high of $25.43 on Tuesday, SOL/USD slipped to a bottom of $23.38 earlier in the session.

On the other side of the spectrum, recent bearish sentiment has risen following a false breakout of a ceiling at $26.50 earlier this week.

This comes as the RSI, which is tracking at 52.58, now looks set to collide with a long-term support point at 50.00.

A glimmer of hope does exist however, with the 10-day (red) moving average crossing over the 25-day (blue) trend line, which is typically a sign of upward momentum.

Should this happen, there is a strong chance that SOL could move beyond a ceiling at $26.50 in the upcoming days.

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Will solana rebound from its recent losses this week? Let us know your thoughts in the comments.