The broader crypto markets appear to have stuck within a narrow range, while bearish dominance is slowly increasing. After the 2022 bear market, 2023 witnessed a decent recovery. The upswing that was triggered during the last few weeks of 2023 indicated the beginning of a fresh upswing that may further transform into a bull market in the later part of 2024. However, the current market sentiments are not bullish, as the bearish tendency continues to hover. Amid these conditions, Chainlink (LINK) & Litecoin (LTC) have been displaying remarkable strength, giving a tough strife to the bears.
Chainlink (LINK) Price Analysis
Since the beginning of the year, the LINK price has been maintaining a healthy upswing, forming constant higher highs and lows. This signals a fine rise in bullish dominance, which may keep up the bullish momentum in times when the upward pressure intensifies. However, the current trade set raises some concerns, while a daily close beyond certain levels may keep up the bullish momentum.
The Chainlink price is trading within a rising parallel channel in the short term and struggling hard to rise above the average bands of the channel. While the MACD is closer to achieving a bullish crossover, the RSI remains neutral, suggesting the token to continue with an ascending consolidation until the major part of the day. However, if the LINK price rises by over 3% to 5% and reaches beyond $16, it may remain stuck in the bullish trend ahead.
Litecoin (LTC) Price Analysis
While the markets displayed strength in the last few weeks of 2023, the Litecoin price traded within a pre-defined range. The levels were prevented from rising above $80, but the bulls displayed remarkable strength. The LTC price rebounded from the lows below $60 and is currently trading above $70.
With the recent price action, the LTC price continues to remain within the symmetrical triangle, heading towards the apex. Although the price is displaying volatility, it continues to favour the bulls, who are expected to head back to $80 provided the day’s close is recorded above $71. Moreover, a close above interim highs at $72.66 may initiate a bullish start for the coming days and weeks.
