YEREVAN (CoinChapter.com) – The crypto market experienced a slight 6% uptick since Nov 22, as several large altcoins followed Bitcoin’s lead. However, the general outlook remains bearish, as many digital assets exhibit signs of downturn continuation. Here is what’s ahead for Litecoin (LTC), Polkadot (DOT), Vechain (VET), and Chiliz (CHZ).
#1 Litecoin (LTC) price risks losing recent gains
One of the crypto space veterans, Litecoin, followed Bitcoin’s bullish lead and jumped over 30% on Nov 22-23. However, Nov 24 saw LTC losing momentum. The LTC/USD exchange rate stood at $78 and risked erasing the newly-acquired advantage due to bearish technicals.
In short, the digital asset’s trading volumes peaked on Nov 23 but saw a sell-off the next day, printing a red vertical bar. Additionally, the relative strength index (RSI) printed lower highs, while the price action managed higher highs. The divergence between the two could indicate a looming decline.
#2 Polkadot (DOT) price could fall despite the bullish pattern
Polkadot (DOT), the 11th largest digital asset by market cap, did not follow Bitcoin’s bullish jump and consolidated sideways since mid-November. As a result, the DOT/USD exchange rate stood at $5.3 on Nov 24.
Meanwhile, the token charted within a bullish pattern dubbed the ‘falling wedge’ since early May 2022. In detail, the formation entails two falling trendlines that enclose the price action through consecutive support and resistance retests.
The setup drove the DOT price incrementally lower. However, once the token confirms the falling wedge by breaking above the resistance, the formation promises an uptick equal to the height of the wedge. Thus, the setup pins DOT’s target price at $12, or 120% higher than the current value.
Meanwhile, it is important to note that Polkadot’s trading volumes have been declining since the FTX collapse on Nov 8, hindering bullish predictions. Additionally, a solo three-digit rally from a token with a considerable market cap seems highly unlikely in an overall bearish climate. Thus, DOT investors should keep an eye on the macroeconomic cues and Bitcoin charts.
#3 Vechain (VET) bullish pattern could also be a trap
Vechain (VET) also printed a falling wedge on the charts, much like Polkadot. Meanwhile, the VET/USD price action wasn’t immune to the ubiquitous sell-off threat on the market and saw declining trading volumes since Nov 8.
Vechain’s falling wedge pins the target price for the digital asset at approximately $0.04, or 135% higher than the current value of $0.018 on Nov 24. However, much like Polkadot, a quick rally is highly unlikely, as the market conditions don’t favor the bulls just yet.
#4 Chiliz (CHZ) price gives a choppy performance despite FIFA World Cup
Chiliz (CHZ), a token affiliated with the sport and entertainment industry, flopped 35% since Nov 19 and stood at $0.17 on Nov 24. The FIFA World Cup, the largest event in the football industry, pumped the token 40% Nov 15-19 in a buy “buy the rumor-sell the news” pattern. But, as mentioned, the CHZ token lost the bullish momentum after the World Cup took off on Nov 20.
Overall, Chiliz demonstrated erratic behavior quarter-to-date. Additionally, the declining trading volumes showed a possible drop ahead due to growing disinterest among traders.
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