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Litecoin continues to struggle after retreating from a key resistance level, and Kaspa has dropped 5% in the past week. As Bitcoin looks to hold onto gains above $63k, what is the short-term outlook for Litecoin ($LTC) and Kaspa ($KAS).
Bitcoin holds $63k as spot ETFs see net inflows
$BTC traded to highs of $64,750 on Sept. 23, its highest level since Aug. 25. Although it then retested support around $63k, bulls are showing resolve with Bitcoin touching intraday highs seen on Monday.
The price of Bitcoin may struggle with bearish pressure between $63k and $65k, but a breakout could be massive.
Currently, the flagship cryptocurrency is changing hands near $63,850, with 24-hour volume of over $29 billion.
Bitcoin’s potential bullish flip is likely to strengthen with reports that BNY Mellon is on the cusp of gaining approval to custody $BTC for spot ETFs. Experts say this will be a major move for banks and the entry of institutional investors.
US spot Bitcoin exchange-traded funds have also seen net inflows for a fourth straight day, with over $135 million recorded on Tuesday. Market data shows that over the past four trading days, spot Bitcoin ETFs have attracted more than $390 million.
Litecoin price: Can $LTC reclaim $100 in 2024?
The price of Litecoin rose from lows of $62 last week, rallying alongside $BTC and other top coins to test $69. However, $LTC is down to around $66 and the slight gains seen over the past month are at risk of being wiped out.
Likely, this happens if Litecoin price falls below the key support level at $63. On the other hand, a bounce off the ascending triangle’s support line could be critical for bulls.
Daily RSI and the Parabolic SAR indicators suggest a potential upward breakout. This means a breakout for $LTC/USD from this pattern may inject continuation momentum and allow $LTC to target $80. The psychological level of $100 will be in bulls’ sights if this happens. $LTC reached $112 in March 2024 as halving sentiment sent $BTC to its all-time high.
On the flipside, a breakdown from the triangle support could see $LTC revisit the area around $55 and the year-to-date low of $49.9.
Kaspa price: Is a new all-time high next?
Kaspa ($KAS) is a proof-of-work cryptocurrency that has recently attracted a lot of attention. The blockDAG blockchain is now one of the mineable coins outside of $BTC seeing increased traction.
However, $KAS price has struggled in recent weeks. After surging more than 100% between May 2024 and early August 2024, Kaspa price has declined from its all-time high of $0.20 to lows of $0.14.
This notable sell-off aligned with broader market downside.
Bulls have to reclaim support above $0.17 after this week’s rejection. As shown above, $KAS is within a broad ascending channel. If price breaks to the channel’s support, bears might fancy $0.10.
$KAS is however changing hands above $0.16 and may benefit from fresh momentum to eye the ATH.
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