Price analysis of Bitcoin (BTC), Cardano (ADA) and Litecoin (LTC)
Price analysis of Bitcoin (BTC), Cardano (ADA) and Litecoin (LTC)

Price analysis of Bitcoin (BTC), Cardano (ADA) and Litecoin (LTC)

By Alessia Pannone - 23 May 2023

Chevron down

What are the latest news stories that are affecting the price of Bitcoin (BTC), Cardano (ADA) and Litecoin (LTC) crypto assets? 

Below are all the details and a look at the latest news. 

Bitcoin crypto price stable at $27K: what will be the next value?  

As we know, global financial markets are worried about the potential fallout from a US debt default. 

Meanwhile, Bitcoin, the main cryptocurrency, remains stable, holding value around $27K, creating ambiguity about its next steps amid economic turmoil. 

While talks remain deadlocked on raising the US government’s $31.4 trillion debt ceiling, sparking jitters in financial markets, some analysts are distancing themselves from popular opinion. 

In particular, they warn that a potential deal could cause a downturn in the cryptocurrency market.

Glassnode, an on-chain analytics firm, recently reports a significant pause in cryptocurrency market activity. 

Despite expected market fluctuations, Bitcoin, the largest cryptocurrency by market capitalization, has maintained a remarkably steady price range for several months.

This remarkable stability persists despite ongoing concerns about the soundness of US regional banks and the national debt ceiling.

When the debt ceiling is eventually raised, the Treasury is expected to replenish its cash reserves by issuing more government bonds. This could potentially drain liquidity from the system and apply upward pressure on bond yields. 

Because increased issuance often leads to lower prices and higher yields, Bitcoin (BTC), which typically moves against bond yields, could suffer.

So while a deal could alleviate significant economic uncertainty, assets like Bitcoin, which lack links to the tangible economy and rely heavily on fiat liquidity, could actually face challenges.

Focus on the price of Cardano (ADA): how it compares to Bitcoin and Litecoin 

Based on the latest data, regarding the price of Cardano, we see that as the price consolidates below key resistance, ADA could attempt a breakout.

Specifically, we identify key support levels at $0.36 and $0.34. In contrast, key resistance levels are identified at $0.38 and $0.40

Hence, the price of ADA has formed a double low with good support at 36 cents. As long as this key level holds, bullish traders have a good chance of taking the ADA price to resistance at 38 cents. 

Instead, a breakout above would confirm the end of this correction that began in April. Instead, we see trading volume continuing to be low and momentum still to return for the bulls.

In addition, the daily RSI is registering higher lows, which gives hope for an upcoming reversal. As for the daily MACD, it recorded a bullish cross today, and if buyers return, it could signal the beginning of a bullish trend.

In conclusion, Cardano is at a critical juncture that will be decisive for the rest of the month. If buyers manage to return and break key resistance at 38 cents, then ADA will turn bullish and could eventually visit 40 cents.

The crucial $90 level for Litecoin’s price value 

Despite the prevailing selling pressure in the cryptocurrency market, Litecoin has emerged as an outstanding performer

Although the past 24 hours have not witnessed any significant movement in LTC’s value, the weekly chart reveals an appreciation of nearly 4%.

A significant breakthrough occurred when Litecoin broke through the crucial $90 price level, signaling a positive shift in its price. 

Technical analysis suggests that bulls dominate the price action, with demand and accumulation indicators showing positive signals

Most altcoins, including Litecoin, have shown similar price patterns influenced by Bitcoin’s fluctuations. 

Therefore, whether the price of LTC remains above the $90 threshold will depend on the overall strength of the broader market

Should Bitcoin recover the $27,000 area, it could pave the way for Litecoin to overcome its significant environmental resistance in subsequent trading sessions.

Although LTC buyers currently hold a favorable position, it is important to note that a slight push from the bears could potentially take the price below $90, provoking bearish activity

However, the increase in Litecoin’s market capitalization in the recent session suggests that buyers are currently in control.

grafico valore litecoin
Litecoin (LTC/USD) daily price chart

At the moment, Litecoin (LTC) is valued at $91.02. The altcoin’s success above the $90 mark has armed the bulls, who are now pushing prices even higher.

However, a formidable barrier lies at $92.8. Breaching this resistance level could potentially push LTC toward the $97 threshold.

Conversely, falling from the current price level would push the altcoin below $90. In this case, support could lie at around $86. LTC’s trading volume from the recent session was positive (green), indicating growing demand for the coin.

Alessia Pannone

Graduated in communication sciences, currently student of the master's degree course in publishing and writing. Writer of articles from an SEO perspective, with care for indexing in search engines.

We use cookies to make sure you can have the best experience on our site. If you continue to use this site we will assume that you are happy with it.