Monero, Litecoin, Dash Market Research, January 13, 2021

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Most of the cryptocurrency industry failed to report gains on price charts after Bitcoin plunged below the $36,000 level again. Following the world’s biggest cryptocurrency lead, altcoins such as Monero, Litecoin, and DASH blinked red, with the course of their near-term activity also far from clear.

Monero [XMR]

Source: XMR/USD, TradingView

Monero’s southbound movement was stopped at $157.07 after dropping by more than 6 per cent in the last 24 hours. Although the market bulls would expect to retain the amount of press time support, a wider market downturn could push XMR towards the next $143.34 support.

The Relative Strength Index pointed upward, an indication that momentum might transfer to buyers. On the other hand, if market leaders BTC and ETH shifted nothing in the next few sessions, XMR could consolidate within its current channel.

The Parabolic SAR dotted markers were above the candlesticks, an indication that the market has been at a downtrend for the past few days.

 

Litecoin [LTC]

Source: LTC/USD, TradingView

Litecoin, the sixth-largest cryptocurrency in the world, has been selling at $134.7 at press time, with LTC down by $4.3 per cent in the last 24 hours. However, its weekly losses amounted to nearly 18 per cent as LTC was among the highest weekly market cap losers among the top 10 coins.

Clearly, Bitcoin’s correction has had a negative impact on Litecoin’s valuation over the last few days. At the time of publishing, the $132.27 help provided some price relief and avoided a step down the charts.

The MACD suggested that the price of the cryptocurrency could increase in the short term as a bullish crossover was looking to grow. In such a scenario, the bulls could target a resistance of $148.80.

The Stochastic RSI also confirmed that the market could be bullish and move forwards as the index pointed upwards into the over-purchased area. However, the movement of the LTC could largely be decided by the course of the King’s coin over the next few days. If BTC sinks even further, LTC could head to the next $124.5 support line.

DASH

Source: DASH/USD, TradingView

DASH’s journey to redemption came to an unexpected end after the wider market had pulled the cryptocurrency below the $133.4 level. Despite the crash, however, its weekly earnings stood at 37.9 percent and underscored the purchasing interest that had raised the crypto price since Bittrex’s delisting announcement.

To fight the current price decline, the market bulls kept the price around the $115.82 support, looking forwards to a step towards an imminent degree of resistance. If wider market positions were to move ahead, DASH could reverse its upper ceiling and move towards its local peak of $159.5.

The Amazing Oscillator underscored the decline from DASH’s local peak of $159.54 as the bars decreased in duration and shifted towards the equilibrium level.

The On Balance Volume reported an increase and indicated that a step higher on the charts could be backed up by healthy purchase volumes on the market.

 

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