The crypto market has been moody lately. First, the initial drop in the first week of August saw most altcoins cancel all the gains made since April 2018. The largest cryptocurrency by market capitalization, Bitcoin declined to the primary support at $5,800. Another spike kicked off last week where slight gains were recorded across the board but major bearish lines remained intact. Bitcoin went ballistic yesterday adding over $400 to trade above $6,800. The entire market resumed the uptrend along with it but the bullish trend was short-lived as Bitcoin dipped back to $6,250. Significantly, the wild Bitcoin rides are taking the altcoins on risky rollercoaster rides. In the meantime, let us dive into the analysis:
Litecoin Price Analysis
Litecoin embarked on an upward roll a couple of days ago following the plunge that formed a low at $53.19 while heading towards the major support at $53.00.The crypto traded above $58.00 but stalled short of $59.00. Fresh declines kicked off yesterday after the brief surge correlating with Bitcoin’s hike to $6,800. A short-term bullish flag pattern was formed with a support at $57.00. A subtle breakout from the pattern came into contact with $58.00 before turning bearish.
Litecoin reversed sharply past the critical support at $55.00 and formed a low at $54.00. The trading today, Thursday 23 has been slightly bullish with the price bouncing back up, although upward movements have been locked below the 50% Fib retracement level with the last drop from $58.52 and a low of $53.17. Litecoin is also trading in a short-term contracting triangle approaching a breakout. The 50 simple moving average is liming gains (initial resistance) and the next resistance is at the 100 simple moving average (50% Fib level). The immediate support is at $55.00, the next support is seen at $54.00 and the primary support is still at $53.00.
Tron (TXR) Price Analysis
Tron, on the other hand, has not been spared by the rising selling pressure. In fact, the altcoin has bottomed out breaking key support areas at $0.021 and $0.020. It traded a recent low at $0.0190 before a bounce occurred above $0.0195 (former resistance). The price made it above the 23.6% Fib level but the trading has been mundane with the upside capped marginally above $0.020.
TRX/USD is range-bound with a strong support at $0.0195 and an upper limit at the 38.2% Fib retracement level with the previous high of $0.0221 and a low of $0.01894. The 50-day moving averages on the 15-minutes chart id limiting retracement at $0.0197 while the 100-day moving average is a resistance at $0.02006.
Tron is poised for upside correction towards $0.020 and beyond, besides the RSI is heading up. The trend is generally bullish and the outlook on the chart is positive. A break above the trendline resistance will give the buyers a boost towards the upper supply zone at $0.021.
Tezos (XTZ) Price Analysis
Tezos price is currently trading slightly in the green after recovering from the slump at $1.2614. Recently, there was a recovery that was staged from the broken support at $1.27. XTZ/USD recovered gracefully above $1.40 but came to a halt at $1.4274. This gave the sellers an entry opportunity where they pulled the price lower. However, there was a support at the 50% FIB level.
Slight corrections from the Fib support made a slight progress above $0.140 but again the bears took over and since then, XTZ/USD has been trading below the descending trendline. The asset is trading at $1.27 while a bullish trend is in progress. There are several resistance hurdles; the trendline resistance, the supply zone at $1.30 and the ultimate medium-term resistance at $1.4274. On the flip side, the immediate support is at $1.2602. The path of least resistance is to the upside for now.