Bitcoin, Litecoin and Polkadot are shaking off some of their recent losses heading into the weekend
The cryptocurrency market sustained massive losses this week, with Bitcoin dropping below the $50,000 level for the first time in weeks. Elon Musk’s comment could be one of the reasons that caused a market downturn. However, Bitcoin, Litecoin and Polkadot are all performing well ahead of the weekend, and they could shed off some of the recent losses sustained before next week.
#Bitcoin doesn’t need Elon, but he’s still investing.
No point in shooting him down, he still owns billions of #Bitcoin and sees the future.
Therefore, I think we’re quite close to a bottom and the escalated sentiment is unnecessary.
— Michaël van de Poppe (@CryptoMichNL) May 14, 2021
BTC price outlook
Bitcoin remains the leading cryptocurrency despite sustaining huge losses this week. Its price dipped by 10% in the past week. However, the BTC/USD 4-hour chart shows that the cryptocurrency is recovering after climbing into the $50k region.
If the trend continues, Bitcoin could target its 100-day simple moving average at $55,864. However, it will need to break the psychological resistance point at $51k before it gets a chance to rally towards $55k.
Failure to build and maintain upward momentum could see the bears regain control and cause BTC to crash to the $48,550 support level. Regardless, bulls should be able to defend this support level unless there is another massive sell-off.
LTC price outlook
Litecoin’s technical indicators, such as the MACD and RSI, are in the bearish zone. LTC is only up by less than 1% against the USD over the past 24 hours. LTC/USD needs to surpass the 331 resistant point if the cryptocurrency is to have any chances of erasing its recent losses and reaching its weekly high of $413 again.
LTC/USD 4-hour chart. Source: Coinalyze
LTC is currently trading above its 100-day SMA ($316). However, if there is a market sell-off, the cryptocurrency’s price could slip below $316 and head towards the $307 region. Litecoin will need help from the broader market to shrug off any bearish sentiment this weekend.
DOT price outlook
Polkadot is the most bullish of the three heading into the weekend. The cryptocurrency is up by 8% against the USD in the past 24 hours, eliminating most of its recent losses. If the bulls continue to control the market, the DOT/USD pair could soon cross the $43 psychological barrier and reach the $45 mark.
DOT/USD 4-hour chart. Source: Coinalyze
In the event of a market sell-off, the DOT/USD pair could slip below the $39 level. Further bearish trend could see the bulls defend the major support point at $37.