Market Overview
The cryptography market has been in a bad mood lately. First, the initial decline in the first week of August saw most of the altcoins cancel all gains made as of April 2018. The largest cryptocurrency by market capitalization, Bitcoin dropped to the primary support at $ 5,800. Another peak kicked off last week, where slight gains were recorded across the board, but the main bearish lines remained intact. Bitcoin became ballistic yesterday by adding over $ 400 to exchanges above $ 6,800. The entire market resumed the uptrend, but the uptrend was short-lived as Bitcoin returned to $ 6.250. Significantly, the wild Bitcoin races are leading runners on dangerous roller coaster rides. In the meantime, we dive into the analysis:
Litecoin price analysis
Litecoin embarked on an upward launch a couple of days ago following the plunge that fell to $ 53.19 while heading towards the main support for $ 53.00. crypto traded above $ 58.00 but crashed short of $ 59.00. The recent decline began yesterday after the short increase related to the increase in Bitcoin to $ 6,800. A short-term uptrend flag model was formed with support for $ 57.00. A subtle break from the model came in contact with $ 58.00 before becoming bearish.
Litecoin abruptly reversed critical support for $ 55.00 and closed at $ 54.00. Today's trading, Thursday 23, was slightly bullish with the price rise, even if upward movements were blocked below the 50% retracement level of Fibon with the last fall from $ 58, 52 and a minimum of $ 53.17. Litecoin is also trading a short-term contractual triangle that is nearing a breakout. The simple moving average at 50 is liming gain (initial resistance) and the subsequent resistance is at the simple moving average of 100 (Fibon 50% level). Immediate support is at $ 55.00, the next support is seen at $ 54.00 and the main support is still at $ 53.00.
Tron (TXR) Price Analysis
Tron, on the other hand, has not been spared from increasing sales pressure. In fact, the altcoin hit the bottom to break key support areas at $ 0.021 and $ 0.020. It traded a recent low of $ 0.0190 before a rebound occurred above $ 0.0195 (previous resistance). The price exceeded the 23.6% level of Fib, but trading was trivial with margin marginally raised above $ 0.020.
TRX / USD is range-bound with strong support at $ 0.0195 and an upper limit on the 38.2% retracement of Fiber level with the previous maximum of $ 0.0221 and a minimum of $ 0.01894 . 50-day moving averages on the 15-minute chart id that limit the retracement to $ 0.0197 while the 100-day moving average is a resistance at $ 0.02006.
Tron is ready for upward correction towards $ 0.020 and above, in addition to RSI is rising. The trend is generally bullish and the outlook on the chart is positive. A break above the resistance of the trendline will give buyers a boost to the bidding area above $ 0.021.
Tezos (XTZ) Price Analysis
The price of Tezos is currently trading slightly in the green after recovering from the collapse at $ 1.2614. Recently, there was a recovery from the broken support at $ 1.27. XTZ / USD recovered gracefully above $ 1.40 but stopped at $ 1.4227. This gave sellers an entry opportunity where they lowered the price. However, there was support at the FIB level of 50%.
Slight corrections from the Fib support have made slight progress above $ 0.140 but again the bears have taken over and since then, XTZ / USD has been trading below the downtrend. The business is trading at $ 1.27 while an uptrend is underway. There are several obstacles of resistance; resistance to the trendline, the supply zone at $ 1.30 and the last medium-term resistance at $ 1.4274. On the flip side, immediate support is $ 1,2602. The path of least resistance is on the upside for now.
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