The crypto market sentiment turned positive in October as BTC surged past its record peaks at $65,000. However, the financial markets witnessed a sell-off due to profit-booking and traders closing their long positions on different digital coins. With that, the cryptocurrency market endured a flash crash that sent BTC under $60K and ETH beneath $4K.
FTM Four-hour Chart Analysis
Fantom also suffered a sudden plummet, dropping to $2.50 from highs of $3.47. Meanwhile, the 50 Simple Moving Average served as support though the alt pierced the level before reversing high to make a new peak at $3.49 amid a quick bullish reversal. Remember, $2.50 was FTM’s previous high in early October, and it turned to serve as support. With that, FTM/USD flipped another resistance into support.
Fantom recorded somewhat bullish actions this month as the coin surged from $1 to $3.50. The FTM developer conference, held in Abu Dhabi this week, attracted the crypto community to the asset, increasing its demand. It includes crypto presenters from different angles. That way, buyers would take all available opportunities during the correction. That translates to a massive buying momentum.
LTC Daily Chart Analysis
Unlike FTM that maintained an upward stance over the past two to three months, Litecoin remained without massive price actions since mid-August. Litecoin traded sideways despite attempts to surge that saw quick failure.
LTC tried to turn bullish again as traders pushed the pair beyond the 200 Simple Moving Average, the level that has served as a resistance indicator. However, Wednesday’s drop had the alt plunging under the MA once more. Meanwhile, the 100 Simple Moving Average has acted as support, and LTC bounced off the MA today. Nevertheless, the 200 Simple Moving Average serves as resistance once more as the prices rise from below.
Litecoin (LTC) has had various partnerships that aimed to improve the coin’s use cases. For instance, the one with Visa to introduce LTC Visa card that pushed Litecoin transactions near peaks. LTC transactions surged to over 140,000 after dropping towards 100,000 early on the month.
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