Litecoin, Tron, Loopring Price Analysis: 10 November

Litecoin, Tron, Loopring Price Analysis: 10 November

The broader crypto market surged as Bitcoin and Ethereum rallied to their ATH on 9 November. Consequently, Altcoins like Litecoin and Tron touched their 25-week and eight-week high, respectively. In fact, Loopring too touched its ATH.

Litecoin and Loopring projected a bullish outlook while the near-term technicals for Tron hinted at easing bullish momentum.

Litecoin (LTC)

Since 29 September, LTC bulls triggered a rally as the price ascended in a steady uptrend. The P2P virtual currency registered a monstrous 78% ROI over the past 42 days. Consequently, Litecoin buyers gathered momentum as the price was northbound after snapping its immediate support at the $225-mark.

As Bitcoin surged to its ATH over $68,500, LTC’s price rallied to its 25-week high at $274.6 on 9 November. At press time, the crypto traded at $270.4 after noting a nearly 8.5% gain on its daily charts. The near-term technicals undeniably preferred the buyers.

The Relative Strength Index (RSI) was deep into the overbought territory. The RSI rallied above its resistance and continued to gather momentum. Also, the Awesome Oscillator (AO) saw an upward rise with green signal bars. However, considering the elevated RSI level and decreasing trading volumes, the chances of a near-term correction did exist.

Tron (TRX)

TRX price bounced between parallel channels and have been oscillating in an uptrend since 22 September. The multi-purpose blockchain platform noted a nearly 35% six-week ROI. Consequently, the price rally breached its immediate resistance and touched its eight-week high at $0.11751 on 9 November.

At press time, the alt traded at $0.11377 after noting a 7.11% gain on its weekly charts. The near-term technicals suggested a preference for buyers but showed signs of possible ease in bullish momentum.

The RSI was northbound above the overbought mark after undergoing a sharp surge over the last day. This reading, coupled with the red signals on the AO, hinted at a possible near-term correction. Additionally, the DMI lines visibly preferred the buyers but corresponded with the aforementioned possibility.

Loopring (LRC)

The decentralized token exchange protocol LRC witnessed a mammoth price rally since 28 October. The price action saw a nearly 600% rise over the past 13 days and traded at its ATH at $3.1386.

Moreover, post a bull-pennant breakout, LRC entered into price discovery and kept touching its new ATH. The near-term technicals show a one-sided preference for buying strength. The northbound RSI, being at the overbought mark, showed signs of increasing momentum.

Also, the AO and MACD displayed an uptrend, favoring the buyers. Additionally, DMI lines visibly chose the bulls with a profoundly high ADX level. However, with decreasing trading volumes and the overbought RSI threat, a near-term pullback could occur in the near future.

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