Litecoin, BAT, Compound Price Analysis: 16 April


The recent wave of bearish pressure hit Litecoin hard, and the cryptocurrency was halted just short of the $300 mark as a result. There is a possibility that Litecoin will retrace as far south as $260 and $244 in the near future. The Basic Attention Token price was once again moving closer to its range lows, while the Compound price was moving almost vertically higher. It is possible that it will experience a sharp decline towards the level of $530, especially if Bitcoin is unable to defend the area around $60,400.

Litecoin [LTC]


Analysis of the prices of Litecoin, Basic Attention Token, and Compound as of April 16

A pitchfork tool brought to light a number of potentially dangerous dynamic levels. In the past ten trading days, LTC successfully broke out of the symmetrical triangle that it had been trading in for the past month, but it met with resistance near the $296 mark. Following the same pattern, it dropped quickly and seemed as though it would approach the line that divides the pitchfork into thirds (red).

The MACD was quite a ways above zero, highlighting the extreme bullish momentum that has been building over the course of the previous three weeks. LTC may be able to find support in the vicinity of $260, but a closing price that is lower than the median line will almost certainly portend a move to the level of $244.

The Basic Attention Token, abbreviated as BAT


Analysis of the prices of Litecoin, Basic Attention Token, and Compound as of April 16

The price of BAT was fluctuating within a range, with some candlewicks moving to either side of the boundaries of the range. In spite of this, BAT saw some demand in the $1.4 region over the course of the past week, but it has been unable to move higher than the $1.58 zone on a consistent basis.

During the time that BAT was trading within this range, the relative strength index (RSI) developed a pattern of lower highs, and it fell below the neutral value of 50 at the same time that the price dropped below the midpoint of the range, which was $1.48. This showed bearish pressure, and it could take BAT to retest the range lows. This occurred in conjunction with the falling Stochastic RSI.

Combinatorial [COMP]


Analysis of the prices of Litecoin, Basic Attention Token, and Compound as of April 16

Since it emerged from the descending triangle, COMP has climbed all the way up to $612, its new all-time high. Earlier this month, it was strongly opposed at $550, and after consolidating for a few days in the vicinity of $450, COMP made significant gains once more. This was accomplished with the help of increasing trading volume, which at the same time demonstrated market conviction.

This conviction has the potential to drive the rally even further, and COMP will require some time to gather steam before making its next move. Both $550 and $526 served as support for the price at various points. According to the Volume Profile Visible Range, the Point of Control was located at $451, and there is a possibility of finding support between $480 and $490.