After marking new highs, the Bitcoin price has begun to consolidate, suggesting a minimum participation of bulls. With this, the altcoins that were trying hard to keep up the bullish trend have scrambled back under bearish influence. In the meantime, the prices of the two popular and primitive altcoins, XRP & Litecoin (LTC), appear to have been sailing within a similar boat, forming similar chart patterns. Which will trigger a breakout first?
XRP Price Analysis
After rising by nearly 500%, the XRP price is believed to be one of the top gainers of the impact of the U.S. elections. Meanwhile, the bulls continue to exert extreme exhaustion since then and as a result, the price is maintaining a declining consolidation, forming constant lower highs and lows. However, the token in the short term displays huge bearish influence, but in reality it is preparing for a major shift in the momentum.
The price is trading within a decisive symmetrical triangle in the short term, and despite a rejection from the resistance, a rebound appears to be imminent. The stochastic RSI has reached the lower oversold zone, which suggests a bullish crossover could be fast appsoching. With this, the price is expected to break above the triangle and secure the immediate resistance at $2.5. However, a continuous rise within the resistance zone around $2.6 may eliminate the bearish activity, pushing the price towards new yearly highs, probably above $3.
Litecoin (LTC) Price Analysis
On the other hand, the Litecoin price also trades within a decisive triangle, similar to XRP but carries the possibility of a 6% to 8% pullback. Although the price is failing to rise over the resistance of the triangle, the technicals suggest the lows for the current pullback have yet to be reached.
As seen in the above chart, the stochastic RSI has triggered a bearish crossover but is yet to reach the lower support. Until then, the Litecoin price is believed to maintain a consistent descending trend within the triangle and reach the lower support close to $110 in the next few hours. However, a rebound could occur but the trend may remain consolidated within the pattern, while a breakout could require more strength and volume of the buyers.
