Key Takeaways:
- The cryptocurrency market has been in turmoil for months, thanks to macro tailwinds and the wider bearish trends.
- However, two cryptos, LIT and LINA, have defied the markets with massive gains in the past two days.
NEW DELHI (CoinChapter.com) — The cryptocurrency markets have been in turmoil over the past few months. Furthermore, the macroeconomic indicators suggest that the bear market is not going away anytime soon.
As a result, it is not surprising that most crypto tokens have been taken to the dryers. However, a few always manage to swim against the current. For example, Litentry (LIT) and Linear (LINA) price registered gains on Oct 3.
Cryptos That Registered Massive Gains
1. LIT/USD Price Analysis
LIT prices jumped nearly 72% since Sunday, going from Oct 2’s low of $0.6 to an intraday high of $1.031 on Oct 3. The move upward helped the crypto token break past its 20-day exponential moving average (20-day EMA, red wave), 50-day EMA (purple wave), and 100-day EMA (blue wave).
If LIT prices continue rallying, the crypto token would likely target the psychologically vital $1 resistance. Moreover, a move above immediate resistance could provide LIT prices the impetus to push to $1.12 before corrections pare gains.
However, the relative strength index for the LIT crypto token is currently overbought, with a value of 76.19 on the daily charts. In detail, the RSI measures the magnitude of recent price changes to analyze overbought or oversold conditions.
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Investors often consider an overbought RSI as a sell signal. Traders relying on RSI might start a sell-off that could result in LIT prices falling to support near $0.87. Additionally, if the crypto token breaks below immediate support, LIT prices would likely fall to support from its 100-day EMA (blue wave) near $0.79.
At writing, LITUSD was trading at $0.94, up 30.6% on the day.
2. LINA/USD Price Analysis
LINA prices have been moving between $0.011 and $0.0067 since May this year. However, the crypto token price jumped nearly 29% between Oct 2’s low ($0.007) and Monday’s intraday high ($0.009).
The upswing brought LINA prices close to its 100-day EMA (blue wave) resistance, near $0.009. LINA’s immediate resistance has remained undefeated since Aug 19 this year.
Therefore, a move above immediate resistance would provide the crypto token the momentum needed to target $0.0102 before corrections pullback prices.
However, the crypto token’s RSI is moving towards the overbought regions, though currently neutral, with a value of 60.55. In detail, the RSI measures the magnitude of recent price changes to analyze overbought or oversold conditions. Investors often consider an overbought RSI as a sell signal.
Hence, LINA prices have a chance of dropping to support from its 20-day EMA (red wave) near $0.0075. Moreover, a market-wide sell-off could result in the crypto token testing support near $0.0067 before recovering.
Interestingly, LINA prices have repeatedly tested the $0.0067 support level since May this year.
At writing, LINAUSD was trading at $0.0086, up 10.5% on the day.
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