The latest news for Litecoin (LTC), Cosmos (ATOM) and Terra (LUNA) crypto assets: including recent news and a present and future price analysis, all the details below.
Litecoin sees record transaction count, but faces challenges in token growth
The daily transaction count on the decentralized peer-to-peer network Litecoin (LTC) recently exceeded twice that of those on the Bitcoin (BTC) network, according to on-chain data retrieved by Santiment.
Specifically, on 14 November, Litecoin set a record with 1.01 million transactions per day, the highest since its creation in 2011.
On the same day, the number of unique addresses involved in LTC transactions reached 1.16 million, showing a 46% increase from the previous day, highlighting a significant increase in activity.
However, despite the surge in network activity, the price of the native LTC token has not experienced proportional growth.
In fact, at the moment, the coin’s price is around $70.10, down 5% in the last week according to CoinMarketCap data.
LTCs price has remained within a narrow range since 5 November, mainly due to continued profit-taking activities.
Despite a double-digit increase in the previous month during the overall market rally, traders who now hold the coins above cost basis have chosen to sell their holdings.
Assessment of the profitability of daily LTC transactions indicates that for every loss-making transaction, 1.16 transactions end in profit, prompting more coin holders to give up LTC.
In addition, the coin’s Relative Strength Index (RSI), observed on a daily chart, stands at 48.80 below the center line, indicating that selling activity has outpaced accumulation among LTC spot traders.
Finally, LTC’s Money Flow Index (MFI) shows a downward trend, signaling a steady decline in buying momentum.
Cosmos (ATOM): challenges and opportunities in the uptrend toward the $10 area
The price of crypto ATOM has recently shown a remarkable rebound from the demand zone at $6.00, quickly pushing toward the supply zone at $10 in recent trading sessions.
Despite the buyers’ assertive approach, ATOM has encountered resistance at $10, initiating a rejection candle that highlights the strong presence of sellers.
Hence, the challenge now is to overcome this obstacle to consolidate gains and advance toward the promising $12 area.
At the moment, the price of Cosmos (ATOM) is about $9.55, with an intraday decline of 3.22% highlighted by the refusal to cross the $10 resistance threshold.
Trading volume increased 6.57% to $259.91 million, while the ATOM/BTC pair was at 0.000264 BTC.
ATOM’s market capitalization stands at $3.16 billion, with analysts maintaining a buy rating and suggesting a bullish outlook for the coming sessions.
Analyzing the daily chart, ATOM recorded a double minimum pattern and broke through the neckline at $8.00, near the obstacle of the 200-day EMA.
The price has shown a rebound from the demand zone at $6.00, exceeding the 50% Fibonacci retracement and approaching the upper Bollinger band. If buyers can break through resistance at $10, a rise toward $12 could be imminent.
Finally, the RSI curve has remained in the overbought zone, showing a positive divergence and suggesting an optimistic bullish outlook for the coming sessions. The MACD also confirms ATOM’s bullish trend.
The price of the crypto Terra (LUNA): comparison with Litecoin and Cosmos
Terra (MOON) currently shows interesting patterns in technical analysis, oscillating between the first support level at $0.6429 and the first resistance level at $0.7676.
The MACD level stands at -0.0016, suggesting a potential change in trend direction. With an RSI at 40.046, LUNA is in a neutral position, showing no signs of overbought or oversold.
Should the $0.7676 threshold be breached, Terra (LUNA) could target the second resistance level at $0.8468.
A sustained move, accompanied by rising MACD and RSI crossing the midline, would indicate increasing bullish momentum.
If market sentiment remains positive and buying pressure grows, LUNA could even target the third resistance level at $0.9714. For this to occur, it is crucial that both SMAs and EMAs show an upward trend, thus reaffirming the positive momentum.
On the other hand, if Terra (LUNA) fails to hold support at $0.6429 and falls below this level, it could test second support at $0.5974.
A negative crossover in the MACD, combined with a drop in the RSI below 40, would indicate increasing bearish pressure. Should selling intensify, LUNA could slide to the third support level at $0.4728.
In addition, if the SMAs and EMAs show a downtrend, it would further confirm the bearish outlook, suggesting that Terra (LUNA) could embark on a downtrend.