NEAR and LTC Price Analysis as of February 7, 2024
Since our last BTC analysis, there have been no significant changes on its chart. Therefore, we present an overview of the market situation for the altcoins Near Protocol (NEAR) and Litecoin (LTC) as of Wednesday, February 7.
Near Protocol (NEAR)
The local downward trend on the NEAR chart continues, with the asset trapped in a sideways range between the support zone of $2.43β$2.64 and the resistance zone of $3.07β$3.26 for three weeks. Short-term bullish signals in Bitcoin haven't catalyzed similar momentum for NEAR, suggesting that further decline remains the likely path forward.
Should the price break below the current resistance zone, sellers might target the $2.3 level next. If Bitcoin's correction leads to a retest of the $40,000 mark, NEAR could potentially drop below the psychological barrier of $2.
To reverse the bearish trend, NEAR needs to breach the seller's barrier at $3.36 and sustain above the $3.60β$3.85 range.
NEAR chat on the H4 timeframe
Litecoin (LTC)
For more than two weeks, LTC has been fluctuating within a narrow range between the support zone of $63.1β$65.4 and the resistance zone of $69.5β$71.5. Litecoin's trajectory is heavily influenced by Bitcoin due to their significant correlation, making LTC's movements closely tied to those of BTC.
A shift towards a bullish trend for LTC would require breaking through the seller's level at $72.77 and pushing past the resistance zone of $75.1β$77.2. Such a move could set LTC on a course to surpass its December 2023 high.
On the downside, a deeper correction could see Litecoin retreat to the support levels of $61.00 and $57.56.
LTC chat on the H4 timeframe
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Disclaimer
Please note that the analysis provided above should not be considered a trading recommendation. Before opening any deals, we strongly advise conducting your own research and analysis.
Abbreviations
TF (Timeframe) β a chronological period equal to the time it takes to form one Japanese candle on the chart.
Horizontal channel (flat, sideways, range) β the price movement between support and resistance levels, without going beyond the given range.
Π β simplified designation of one thousand dollars of the asset price (for example, 23.4K β $23,400).
Gray range on the chart β a support zone.
Red range on the chart β a resistance zone.
Correlation β the tendency of prices of different cryptocurrencies to move in sync, often influenced by the dominance of one of the assets.
Initial materials
This analysis was informed by the following educational materials and articles from GN Crypto:
