Litecoin Down 7%, Namecoin Little Changed

FXOpen

Litecoin is trading lower compared to our last update. The altcoin lost about 22 cents or just over 7 percent since last Thursday. Namecoin on the other hand bounced at the $0.55 resistance and is currently trading at 47 cents per coin.

Litecoin Declines by 7 Percent

Litecoin declined by over 7 percent since last week. The cryptocurrency traded as low as $2.63, hitting the 23% Fibonacci retracement but missing the 38.2 percent by a good margin. Today we came close to testing the lows with prices trading to $2.6599 before rallying back higher. We are currently quoted at $2.8455.

LTCUSDDaily-jun25

Last week we cautioned that the rally may have gone too far, too fast: ”The gains have been massive so far and a sharp retracement to the downside can not be excluded. Note that this is only a word of caution to the bulls and shouldn’t be taken as a call to short LTC.”

To renew the upside momentum, the bulls will need to rally above the $3.18 high. Notable resistance levels higher include the former triple bottom at $3.40 (support becomes resistance). Higher up, the round $3.50 mark may also act as resistance to rising prices. To end the current rally, the bears will need to push prices below $2 dollars per coin.

Namecoin Little Changed After $0.55 Bounce

Namecoin is trading little changed since last Thursday. On Friday NMC/USD hit a high of $0.546 before falling back. Since then, the altcoin has made three attempts to go lower but was held back by support near 45/46 cents.

NMCUSDDaily-june25

Nonetheless, Namecoin is still in rally mode. To end it, we will need to see a decisive move below $0.35. To continue the move higher, the bulls will need to clear the 55 cents resistance. Aside from being the high of the recent rally, this is also the February high for Namecoin. Further to the upside, the January 26th spike high at $0.653 may also act as resistance to higher prices. This is followed by $0.70, $0.75 and $0.783.

As usual, whenever trading altcoins you should keep one eye on big brother bitcoin. The smaller cryptocurrencies  will often mimic the moves seen in BTC/USD. Bitcoin is also in a uptrend but the momentum higher has waned. To see more gains, the bulls will need to take out the $259 high. The BTC rally may end if prices decisively break $233 dollars per coin.

FXOpen offers the world's most popular cryptocurrency CFDs*, including Bitcoin and Ethereum. Floating spreads, 1:2 leverage — at your service. Open your trading account now or learn more about crypto CFD trading with FXOpen.

*At FXOpen UK and FXOpen AU, Cryptocurrency CFDs are only available for trading by those clients categorised as Professional clients under FCA Rules and Professional clients under ASIC Rules respectively. They are not available for trading by Retail clients.

This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

Latest from Cryptocurrencies

ADA Drops to Last Place in the Top 10 Cryptocurrencies BTC/USD Analysis: Bitcoin Price Rises Ahead of Halving BTC/USD Analysis: Bearish Arguments Become More Convincing DOGE Price Increases by 170% in Less Than 2 Months Bitcoin Price Recovered over the Weekend, But Market Anxiety Remains

Latest articles

Weekly Market Wrap With Gary Thomson: UK100, USD, GOLD, OIL
Financial Market News

Weekly Market Wrap With Gary Thomson: UK100, USD, GOLD, OIL

Get the latest scoop on the week's hottest headlines, all in one convenient video. Join Gary Thomson, the COO of  FXOpen UK, as he breaks down the most significant news reports and shares his expert insights.

  • UK100 Share Index Rises
Trader’s Tools

What Is a Darvas Box Theory and How Does It Work in Trading?

The Darvas Box Theory, pioneered by Nicolas Darvas in the 1950s, has transcended its stock market origins to become a valuable tool for forex traders. This method leverages specific price movements and patterns, known as the Darvas Box, to track

Shares

NFLX Stock Price Falls Despite Subscriber Growth

Yesterday, after the close of the main trading session on the stock market, Netflix reported to investors for the 1st quarter of 2024.

The report turned out better than expected:
→ earnings per share: actual = USD 5.28, forecast = USD 4.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 60% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.