Cardano and Litecoin were two of the most bearish cryptocurrencies among the majors. They have been showing weakness since September and missed most of the gains in the crypto market in October. Now that the crypto market decline has picked up again, they’ve suffered more declines, but they’re trading at some key levels now, so let’s see if there’s a chance they can reverse here.
Litecoin is trading above $100 after breaking support at $105
While most cryptocurrencies posted some massive gains post-July, Litecoin underperformed the market and only made a decent move higher in early November when it surged from $200 to $300. But it wasn’t able to hold up when the market turned bearish and it has been bearish ever since, shedding 2/3 of gains when it fell to $100.
The forthcoming MimbleWimble upgrade isn’t generating any interest in LTC, despite LTC whale bull longs piling up for months. So, LTC/USD is trading close to $100 after being pierced a few times. This is an important level for Litecoin and if crypto market sentiment starts to improve we may see a bullish reversal but we need to follow the market for it and see if the bearish momentum holds up.
Cardano is facing the $1 level
Can the $1 level hold as support?
Cardano has also been quite bearish since September when it surged above $3, but now it’s trading around $, meaning ADA/USD has also lost 2/3 of its value as it continues to fall. the bullish reversal earlier this month seemed interesting but didn’t last long and the bearish momentum resumed.
Cardano is making good progress as a blockchain following last September’s Alonzo upgrade, but despite that and attempts to shore it up, it hasn’t been able to stop declining. The launch of SundaeSwap on Cardano, the first DEX on the network, suffered from failed transactions due to network congestion, which is not good news for ADA, which is trading just above $1 after previously breaking through this level. So there is a chance that ADA will reverse here as well, but it depends on how the market reacts now.