Litecoin saw its buying volumes decline due to the sell-off at the market level, with the digital asset plunging below key support turned resistance levels.
Tron has been under severe selling pressure, in the midst of a highly volatile scenario.
Finally, the technical indicators for Zcash also suggested a clear bearish outlook for its immediate short-term trading sessions.
At press time, Litecoin was trading just above its trend line and near the $ 53.51 support it turned the resistance level. The digital asset had shown a steady uptrend over the past week, however, despite selling at the market level, it posted a 4% loss since yesterday.
The decline in purchase volumes seen from the fall OBV Even at the suggested levels, buyers lacked the strength to stop the bearish price action.
Aroon indicator also, it gave a sell signal, with the Aroon Down (blue) seen rising above the Aroon Up (orange).
However, as the downtrend subsides, prices may rebound from the immediate support at $ 52.349 in the coming trading sessions.
Over the weekend, Tron maintained its overall downtrend. The digital asset was trading well below its trend line at press time, indicating strong selling pressure for the short term.
The Directional movement index, with its -DMI (orange) above the + DMI (blue) it gave a sell signal. Also, an increase in the ADX (pink) meant that the selling pressure was gaining strength.
Taking advantage of the situation, if sellers gain momentum in the region along the immediate support level, another wave of selling pressure could be expected over the weekend.
The increase in volatility levels, as collected by the enlargement of the Bollinger bands it also gave room for broad price action which, given the existing scenario, could favor the bears.
Zcash at press time was trading just above the trend line at the $ 55.26 level after falling from the $ 62.5 level in the past 48 hours.
Posting almost 2% losses since yesterday, the technical indicators of the digital asset have also remained bearish, MACD make a bearish crossover. Both MACD and signal lines were seen below zero at press time.
The Fantastic oscillator it was also seen making a bearish crossover below the zero line, a clear indication of increasing selling pressure.
From a price perspective, Zcash could come under short-term selling pressure in the next trading sessions.