This week, cryptocurrency market performance was mixed after another week of declines. Bitcoin reached $4,000, Ethereum reached $3,000, while most major cryptos were at some major support levels. It now seems the bullish reversal is underway. Litecoin has broken above the support/resistance level we highlighted yesterday, and Terra LUNA has been moving higher..
Litecoin Moving Into the Bullish Zone
LTC pushing above the support/resistance zone
Litecoin has been bearish for the last two months after it failed to hold the gains it made in early November. LTC/USD reversed from below $300, although the decline stalled during most of December, forming a support zone above $140. But, the decline resumed last week, and LTC slipped down to $120. This week, the sentiment is improving, and Litecoin has moved back up above $140, which puts it into the bullish zone.
This comes at a time when the MimbleWimble upgrade is about to come, which is a feature that structures and stores transactions on the LTC network, in order to grow scalability and an element of privacy. Record transactions are more compact, so the blockchain data is smaller, thus quicker to download.
Also, each block is made up of multiple transactions that do not reveal details to each other, so you can’t link individual inputs with the corresponding outputs. When it is released, it will hopefully improve the sentiment for Litecoin further, so this might be a good time to buy LTC, if the price stays above $140.
Terra LUNA Coin Bouncing Off the 50 Daily SMA
Terra LUNA has been one of the most bullish cryptocurrencies in the last several months, increasing from around $10, since August last year to $108 in December. Moving averages have been working great as support indicators, holding the price during pullbacks and pushing LUNA/USD higher.
LUNA coin facing the 20 daily SMA now
The total value locked (TVL) in DeFi has increased above $20 billion, as Terra offers great returns, from 20% to 50%, while Terra UST stablecoins market cap increased above $1o billion. This keeps the sentiment positive for the LUNA coin, which has bounced off the 50 SMA (yellow) this week, after the retreat last week, and now it is trying to push above the 20 daily SMA (gray). If that happens, then Terra will make new highs above $110 soon.
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