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Litecoin, NEM, FTX Token Price Analysis: 25 October

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While Bitcoin did climb to $13,361 on the charts, it was soon forced to drop down to $13,016 in a matter of minutes. The decoupling of Bitcoin from traditional markets can be seen as a long-term bullish sign for the asset. Further down the crypto-ladder, Litecoin could be set to retrace some of its recent gains, while NEM was trending lower. Also, FTX Token had a bullish outlook as buyers flocked towards it.

Litecoin [LTC]

Litecoin, NEM, FTX Token Price Analysis: 25 October

Source: LTC/USD on TradingView

Litecoin soared past its resistance level at $58.5 and formed a Doji candle. During the same trading session, a bearish divergence between the price and momentum was also noted.

This, along with Bitcoin’s drop, contributed to losses of nearly 3% over the past few hours, with more losses expected to be seen.

The zone around $54 had acted as support previously and can be expected to serve similarly once again.

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In related news, the Litecoin Foundation announced that its partner Cred “supports Litecoin in all 50 states” of the USA to allow earning of compound interest on crypto.

NEM [XEM]

Litecoin, NEM, FTX Token Price Analysis: 25 October

Source: XEM/USD on TradingView

An ascending triangle (orange) had formed over the past month. A bullish pattern, it was invalidated when the cryptocurrency’s price slid beneath the ascending triangle and lost the support at $0.116.

Further, the Aroon Indicator showed that over the past couple of weeks, the trend has been predominantly bearish. The next level of support lay at $0.095, and XEM could be set to trend even lower on the charts.

FTX Token [FTT]

Litecoin, NEM, FTX Token Price Analysis: 25 October

Source: FTT/USD on TradingView

While FTT had been unable to move past the $3.66-level, it recently did break out. In fact, the price breached the $3.89-resistance and, at press time, had moved to retest the same in a drop coinciding with Bitcoin’s.

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Further, the OBV highlighted how buying volumes have backed the rise of FTT. The white, flat trendline on the OBV was breached with force by the market’s bulls.

The level at $3.8 can be retested if the support at $3.89 does not hold. FTT had a bullish outlook, so a drop under $3.8 looked unlikely at the time of writing. The aforementioned levels can be good entries for long positions.

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Linda Hopkins

Linda is one of the oldest contributors to Sunriseread. She has a unique perspective with regards to business and technology. She aims to empower the readers with the delivery of well-written news pieces, and most importantly, she always tries to bring the news quicker to the readers.

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