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.
LTC price chart. Source: TradingView
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.
KAS price chart. Source: TradingView
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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