As Bitcoin continues its sideways movement, the BTC chart remains unchanged since yesterday's analysis. Let's now take a market overview of the cryptocurrencies Solana (SOL) and Litecoin (LTC).
Solana (SOL)
Solana stands out as one of the few cryptocurrencies maintaining a positive momentum despite Bitcoin's decline on August 18. Even though SOL dipped to a recent low of $19.9, its trend on the charts remains upward.
At present, the currency is trading between the support levels of $19.89-$21.00 and resistance zones of $22.40-$23.60. If the BTC correction deepens, SOL might retest the $19.32 benchmark and potentially dip into the $17.1-$18.5 range.
To sustain its bullish trajectory, buyers must overcome the current resistance and secure a solid position above the $25.41 mark. Achieving this could pave the way for reaching a new annual high.
SOL chart on the H4 timeframe
Litecoin (LTC)
Litecoin is trading in a downward trend that began after its successful halving in early August. Currently, the LTC price is trapped between a support zone of $56.0-$63.2 and a resistance range of $70-$76. There's a prevailing bias towards a continued decline, suggesting potential targets at $46 and $40.
For the market sentiment to shift to a bullish trend, buyers have a significant task ahead. They must overcome the present resistance levels with high trading volumes. Furthermore, they need to secure a position above the $81-$86 range and aim to test the psychologically important $100 mark.
While the halving appears to have had a short-term negative impact on Litecoin, the price drop can be attributed to traders overvaluing the event. In the grand scheme of things, a halving introduces positive fundamental changes, but its true effect might only manifest over the next 1.5 to 2 years.
LTC chart on the H4 timeframe
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Disclaimer
Please note that the analysis provided above should not be considered a trading recommendation. These are solely the opinions of the GNcrypto editorial board regarding the market situation. Before opening any deals, we strongly advise conducting your own research and analysis.
Abbreviations
TF (Timeframe) — a chronological period equal to the time it takes to form one Japanese candle on the chart.
Horizontal channel (flat, sideways, range) — the movement of price between support and resistance levels, without going beyond the given range.
К — simplified designation of one thousand dollars of the asset price (for example, 23.4K - $23,400).
Gray range on the chart — a support zone.
Red range on the chart — a resistance zone.
Correlation — the tendency of prices of different cryptocurrencies to move in sync, often influenced by the dominance of one of the assets.
Initial materials
This analysis was informed by the following educational materials and articles from GNcrypto:
