Litecoin, Stellar, Nano price analysis roundup

By: Stanko Iliev
Stanko Iliev
Stanko dedicates himself to providing investors with relevant information they can use to make investment decisions. He loves the… read more.
on Oct 16, 2021
  • The cryptocurrency market continues to perform well
  • Bitcoin has stabilized above the $60000 level
  • Fed had no intention of banning cryptocurrencies

Historically, October has been a positive month for cryptocurrencies, and the cryptocurrency market continues to perform well for now. Bitcoin has stabilized above the $60000 level, and this situation also supports the price of Litecoin LTC/USD, Stellar XLM/USD, and Nano NANO/USD.

The cryptocurrency market continues to attract big investors, and Allied Market Research recently reported that the global cryptocurrency market would hit $4.94 billion by 2030.

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Bitcoin advanced above $60,000 for the first time in six months on Friday, nearing its all-time high. One of the reasons behind this price move is that the U.S. Securities and Exchange Commission (SEC) will probably allow the first American bitcoin futures ETF to begin trading next week.

The crypto market sentiment continues to improve and Chris Kline, chief operating officer and co-founder of Bitcoin IRA, said:

It seems clear that regulators will approve some version of a crypto ETF soon, most likely by Monday. As regulators become more familiar with the space, the SEC is starting to understand how these assets are stored, secured, and reconciled so that it makes sense in traditional finance.

Jerome Powell also said recently that the Fed had no intention of banning cryptocurrencies, while Meltem Demirors, Chief Strategy Officer (CSO) at digital asset investment firm CoinShares said that Bitcoin could hit $100000 by the end of the year.

Litecoin, Stellar, and Nano could be some of Octobers best performers if this positive trend continues.

LTC is very close to $200 resistance

Litecoin could advance even more in the ongoing bull market, and if the price jumps above $200 resistance, the next price target could be around $220 or even above.

Data source: tradingview.com

On the other side, if the price falls below the $150 support level, it would be a firm “sell” signal, and we have the open way to the $130.

XLM could stabilize above $0.50

Stellar’s (XLM) price has advanced from $0.279 to $0.418 since the beginning of October 2021, and the current price stands at $0.413.

Data source: tradingview.com

If the price jumps above $0.50 resistance, the next price target could be at $0.60. On the other side, if the price falls below $0.30 support, it would be a firm “sell” signal and trend reversal sign.

NANO is trading above $5

Nano’s price has advanced from $4.43 above $6 since the beginning of October 2021, and the current price stands at $5.37.

Data source: tradingview.com

If the price jumps again above $6, it would be a signal to trade NANO, and the next price target could be at $6.5 or even above. The critical support level stands around $4, and if the price breaks it, that would be a strong sell signal.

Summary

The cryptocurrency market continues to perform well this trading week, Bitcoin has stabilized above the $60000 level, and this situation also supports the price of Litecoin, Stellar, and Nano. The crypto market sentiment continues to improve, and according to the latest news, the U.S. Securities and Exchange Commission (SEC) will probably allow the first American Bitcoin futures ETF to begin trading next week.

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