- Tron and Litecoin have been under pressure in the past few weeks.
- The ongoing war in Israel has also led to inflation jitters in the market.
- This article looks at what to expect in the coming weeks.
Tron and Litecoin prices have pulled back in the past few days as the Israel and Hamas war continued. LTC crypto price dropped to a low of $61.67, much lower than last month’s high of $68.68. Similarly, Tron price has plunged from this month’s high of $0.091 to a low of $0.086.
Other cryptocurrencies like Bitcoin, Solana, Near Protocol, Dogecoin, and Filecoin also plunged on Tuesday. As I wrote on Monday, the war in Israel could lead to higher inflation, which will push the Federal Reserve to maintain a hawkish tone in the coming months. So, what next for LTC and TRX?
Tron price forecast
The daily chart shows that the TRX crypto price has been in an uptrend in the past few months. This uptrend happened as demand for the network’s decentralized finance (DeFi) ecosystem jumped. As I wrote before, JustLend has seen its total value locked (TVL) jump to over $4 billion even as risks rose.
Tron price has formed an ascending channel shown in green. The price is a few points below the upper side of this channel. It has moved above the 25-day and 50-day moving averages.
However, Tron’s volume has been relatively low while the Relative Strength Index (RSI) has crashed below last week’s high of 78 to a low of 52. It has dropped to the lowest level since September 11th.
TRX price has also retested the key support at $0.085, the highest swing on July 28th. Therefore, I suspect that Tron will resume the bullish trend in the coming days as buyers target the key psychological level at $0.10.
Litecoin price prediction
Litecoin price has been in a tight range in the past few weeks. It has remained inside the key support and resistance levels at $57.78 and $69.05. Litecoin has also formed a small inverted head and shoulders pattern and moved below the 50-day moving average.
Litecoin’s Relative Strength Index (RSI) has drifted downwards from the neutral point of 50. Most importantly, Litecoin’s volume has been a bit little since the halving event that happened in August. Its hash rate has also continued rising to an all-time high.
Therefore, Litecoin will likely remain in this range in the coming days as investors wait for the next catalyst. As such, a bearish breakout will only be confirmed if the price crashes below the support at $57.78. A move above the resistance at $69 will point to more upside.
