Litecoin, Uniswap, Zcash Price Movement Analysis for 16th March, 2021

Spread the love

 374 Interactions,  4 today

Litecoin’s price has started to decline, and a split below the 200-SMA would almost definitely result in a decrease to $181 support. UNI has moved within a down channel, but support at $28.6 may provide some resistance from buyers. Finally, ZEC was predicted to remain confined below the $140.3 resistance mark in the coming sessions.

Litecoin [LTC]

Source: LTC/USD, TradingView

As Litecoin changed course after breaking through the $220.4 resistance level, the dotted markers of the Parabolic SAR moved below the candlesticks. LTC has now lost more than 12% in the last three days, as it has dropped below the $204.9 support mark.

Lower lows on OBV have confirmed the recent selling pressure. Optimism stemmed from the candlesticks’ ability to climb above the 200-SMA (green) and stop a prolonged sell-off towards the $181 mark. An increase in 24-hour trading rates, which totalled more than $5 billion, was also a positive indicator.

RECOMMENDED READ:  Dogecoin, XRP, Cardano Price Movement Analysis for 19th April, 2021

 

Uniswap [UNI]

Source: UNI/USD, TradingView

Uniswap relocated within a descending channel after sellers stopped a turnaround towards record highs, resulting in weekly losses of more than 13%. Momentum skewed heavily to the bearish side, as illustrated by the red bars of the Amazing Oscillator. If the bulls can provide some counter-resistance at $28.6 support, the next line of defence at $25.1 will be a more likely goal for some purchasing action.

A bullish convergence in the Stochastic RSI signalling that the market could be effectively cushioned at its press time support, and that a sustained sell-off was impossible in the short term.

 

Zcash [ZEC]

Source: ZEC/USD, TradingView

As the price of Zcash fell below $140.3 support, a bearish twin peak setup on Awesome Oscillator signalling the new losses in the industry. The index did return to green, however, as ZEC aimed for a resurgence above the aforementioned mark. CMF demonstrated that capital inflows could have aided the bulls in recent days, but the index was down again at the time of publishing.

RECOMMENDED READ:  Grayscale‚Äôs Bitcoin premium at discount price for the third time, invest now or not?

Nonetheless, the bulls faced a tough challenge in breaking through their press time resistance, which coincided with the 200-SMA (green) and the 50-SMA (blue). The 24-hour trading rates were indeed insignificant, which did not contribute to a bullish result. In the short term, ZEC is expected to fall below its long-term moving average. A drop towards $124.4, on the other hand, could offer some trading opportunities for traders.

Leave a Reply

Contact Us