Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion – LTC formed an inverse head and shoulders pattern.- Addresses with more than $10k increased.After a strong rally in January, Litecoin’s [LTC] price action made consistent lows and highs, chalking an inverse head and shoulders pattern.Notably, the stiff resistance and neckline of $102.58 have rejected the price a few times.However, a break above the neckline could tip bulls for more gains.
Read Litecoin [LTC] Price Prediction 2023-24 Meanwhile, U.S.investors are currently glued on earnings season as they track Q1 earnings and results.Notably, the U.S.
Flash Services PMI (Purchasing Managers Index) data will also be released on 20 April 2023.Collectively, the earning season and the PMI data can affect U.S.stock markets, USD pairs and could spill to USDT pairs, too, LTC/USDT included.Ergo, macro traders could track this front before making moves.A rally or likely price dump – Which way for LTC? LTC’s price action chalked an inverse head and shoulders pattern, which may set LTC to rally based on the height from the head to the neckline.Also, a reversal may occur based on the same height.On the daily chart, the RSI and stochastic RSI retreated – evidence of increased selling pressure.But sellers may cool off if stochastic RSI hits the oversold zone.
On the other hand, the OBV (On Balance Volume) has increased since mid-March, indicating genuine demand for LTC.If the trend persists, LTC could attempt to break above the neckline of $102.58, especially if Bitcoin [BTC] reclaims $29k and $30k price ranges.As such, LTC could be tipped to hit $136.3 – a 30% potential hike.Other resistance levels lay at $116.8 and $121.
Alternatively, bears could push LTC in the opposite direction.Based on the pattern’s height, LTC could drop to $35, a swing low in March 2020.But sellers must clear hurdles at the ascending trendline, $70, $40, and Q4 2022 swing low of $50.Addresses holding more than $10k increased Is your portfolio green? Check LTC Profit Calculator According to Messari, addresses holding more than $10k worth of LTC rose from below 26k in mid-March to 37.9k at press time.
The increment captures the underlying bullish sentiment, which set LTC to break above the neckline.
Moreover, LTC’s hash rate has increased since Q1 2023, rising from about 0.55 kH/s in early January to over 0.70 kH/s by the end of March.The rising hashrate shows LTC became more secure and could improve investors’ confidence in the asset and prop up its long-term prospects.But investors should also track BTC’s price action before making moves.Leave a Reply [Cancel reply](/news/litecoin-forms-a-trend-reversal-pattern-heres-where-you-can-take-profit/#respond) Leave a Reply – Cardano released new pools for its revamped delegation strategy.- Active addresses and prices showed an uptrend following the redelegation.
Cardano [ADA] launched its Architects of the Future delegation strategy over a year ago, but it has changed significantly since.The Cardano Foundation revamped the delegation process and updated the application procedures, as per the latest announcements.
Read Cardano (ADA) Price Prediction 2023-24 Redelegation commences on Cardano The Cardano Foundation has just wrapped up its redelegation process, which significantly shifted its delegation strategy.The updated approach emphasized stake pool contributions to the community, promoting the creation of open-source solutions and offering support for the broader ecosystem.This new initiative is designed to nurture the growth of the ecosystem by recognizing the exceptional efforts of stake pool operators (SPOs) and encouraging their participation.As per the Foundation’s post on 21 April, more than 250 pools applied for the redelegation of the Cardano Wallets.
Nevertheless, out of these, just 45 pools were chosen randomly and granted delegation.Current stakes on Cardano Based on the data from Staking Rewards, the current staking ratio for Cardano stood at approximately 64.98%.As of this writing, the staking market cap was around $8.9 million, out of a total market cap of over $13.4 million.Well, as for the number of stakers, they were around 1.19 million, with a slight uptick noted on 21 April.
Active addresses rise Furthermore, Santiment data revealed that there was a sudden surge in the number of active addresses on the ADA network.According to the seven-day active addresses metric, ADA was exhibiting a steady increase in active addresses.
As of this writing, there were approximately 371,000 active addresses, a figure not seen since February.How much are 1,10,100 ADAs worth today? Price sees little respite on a daily timeframe The recent increase in active addresses on the Cardano network has positively impacted the asset’s price movement.ADA was trading at around $0.39 at press time, reflecting a gain of nearly 3%.This upswing followed several days of downward price movement.Despite the decline in previous days, the asset’s price remained above the short and long Moving Averages (yellow and blue lines).Moreover, the latest surge in price has resulted in the Relative Strength Index (RSI) trending upward as well.
– The Dogecoin Foundation’s long-serving member elucidates on the meme’s regulation-proof fundamentals.- Discussions around DOGE remained at a high level.
As part of the commemoration of the 4/20 Dogecoin [DOGE] Day, Fox Business had a chat with one of the foundation’s board members.Marshall Hyner, the person in question, has been with the Dogecoin Foundation since 2013.In the interview, he mentioned that the U.S.SEC could not target the memecoin.Realistic or not, here’s DOGE’s market cap in BTC’s terms Is copying the king coin the saving grace? Explaining his reasons, he pointed out that DOGE was similar to Bitcoin [BTC] and hence it could not be termed as a security.He also mentioned that DOGE was community-driven.
Therefore, its decentralized nature might have helped it get away from SEC’s prescription jurisdiction.Furthermore, Hyner admitted that he was not a fan of the enforcement approach by the U.S.regulator.Instead, he urged the SEC to look to create policies to ensure oversight and project survival.
Hyner said: “I think that there are groups that build and have centralized companies.But that doesn’t mean that a cryptocurrency is not decentralized because they have centralized entities.” It is important to note that the SEC has not made any specific statements regarding Dogecoin.And it is unclear whether or not the agency will take any regulatory action against the cryptocurrency.That being said, the SEC’s regulatory focus has primarily been on initial coin offerings (ICOs) and cryptocurrencies that are deemed to be securities.
Dogecoin, on the other hand, was not launched through an ICO and was not marketed as an investment opportunity.For the uninitiated, an ICO is an event where a project attempts to sell a new coin or token, which investors purchase with the hope that the asset value rises.
DOGE: Not out of the top 3 race Hyner also noted that he and other members of the development team did not envision a DOGE break into the top 10 cryptocurrencies by market capitalization.However, he now believes that the coin could break into the top three because the meme “cannot be stopped”.But this could be a herculean task to achieve considering how far off the eighth-ranked cryptocurrency is from the third-placed Tether [USDT].At press time, the Dogecoin market cap decreased by 11.89% to $10.98 billion.This was a testament to the widespread declining coin circulation and dip in prices.But the coin’s social dominance exhibited an opposite reaction since 4/20.
At the time of writing, the metric which revolves around an asset’s social discussion was up at 4.87% Is your portfolio green? Check the Dogecoin Profit Calculator This implied that the Dogecoin Day celebration stirred several dialogues around the cryptocurrency.Meanwhile, Twitter CEO and outspoken Dogecoin lover Elon Musk did not exactly “promote” the meme on the said date.Instead, his focus was on the Starship launch.However, it is important to keep in mind that the regulatory landscape around cryptocurrencies is constantly evolving, and it is difficult to predict how agencies like the SEC will respond to assets like Dogecoin in the future.- Arbitrum noted a massive surge in terms of daily activity and flipped Ethereum – Development activity on the protocol fell too as ARB took a hit Arbitrum was on the receiving end of a lot of attention once as its much-awaited token airdrop was set to be announced.In fact, owing to the same, the protocol managed to surpass even Ethereum in terms of daily active addresses.However, as time passed, the hype around the Arbitrum network started to decline.Is your portfolio green? Check out the Arbitrum Profit Calculator As a consequence, the transactions on Arbitrum and activity on the network began to fall.
Arbitrum surpassing Ethereum in terms of daily activity was written off as a one-off incident.However, at the time of writing, the same was happening for the second time.Arbitrum exceeded Ethereum in terms of daily activity, suggesting that Arbitrum’s elevated level of activity could be indicative of a trend rather than an isolated incident.This level of high activity can be attributed to the performance of Arbitrum One, which is a mainnet of the Arbitrum protocol.
At press time, the protocol had managed to surpass 200 million in terms of transactions.🎉 Arbitrum One has reached the 200m transaction milestone! We appreciate all the builders and communities that have made this possible in such a short time.Let’s keep building Arbitrum, together.💙🧡 pic.twitter.com/GDEJc68ysM — Arbitrum (💙,🧡) (@arbitrum) April 20, 2023 The heightened use of the Arbitrum protocol has resulted in a commensurate increase in the total value locked in its smart contracts.Additionally, Artemis’ data indicated that except for Ethereum, the project had exceeded most protocols in this aspect, with its TVL recorded to be $2.2 billion at press time.Developers take a back seat Although high activity was seen on Arbitrum’s protocol, the same couldn’t be said about its GitHub.For instance – According to Token Terminal’s data, the number of active developers on the network declined significantly over the past few months.
Coupled with that, the number of code commits being made to Arbitrum’s GitHub over the last 90 days fell by 51.4% too.If this trend continues, Arbitrum may take more time than other protocols to introduce new features and upgrades.This would result in Arbitrum losing its prevailing dominance.Despite the larger positive performance of the protocol, the sentiment around ARB has remained negative.Consider this – Santiment’s data indicated that weighted sentiment had massively turned negative over the last few days.Coupled with that, the overall velocity of the ARB token also fell, implying that the frequency with which the token was being traded had fallen.
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