After reaching new highs, the Bitcoin price has started to consolidate, indicating a decrease in bullish participation. As a result, many altcoins that were struggling to keep up with the bullish trend have now fallen back under bearish influence. Among these altcoins, XRP and Litecoin (LTC) have been moving in a similar pattern, raising the question of which one will experience a breakout first.
XRP Price Analysis
XRP has experienced a significant increase of nearly 500% following the impact of the U.S. elections. However, the bulls seem to be running out of steam, leading to a period of declining consolidation with constant lower highs and lows. Despite the short-term bearish influence, the token appears to be gearing up for a shift in momentum.
The price of XRP is currently trading within a symmetrical triangle pattern, and although it faced rejection from the resistance, a rebound seems likely. The stochastic RSI has entered the lower oversold zone, indicating a potential bullish crossover. If the price breaks above the triangle and surpasses the immediate resistance at $2.5, it could pave the way for new yearly highs above $3.
Litecoin (LTC) Price Analysis
Litecoin’s price is also moving within a decisive triangle pattern, similar to XRP, but there is a possibility of a 6% to 8% pullback. Despite struggling to break above the triangle resistance, the technical indicators suggest that the current pullback may not have reached its lowest point yet.
The stochastic RSI has recently formed a bearish crossover, but it has not yet reached the lower support level. It is likely that the Litecoin price will continue to trend downward within the triangle and potentially reach the lower support near $110 in the coming hours. A rebound is possible, but the trend may remain within the pattern unless there is a significant increase in buyer strength and volume to trigger a breakout.
In conclusion, both XRP and Litecoin are facing similar chart patterns, with the potential for a breakout looming. Traders and investors should closely monitor these altcoins to capitalize on potential price movements in the near future.