Monero, Litecoin, Zcash Market Analysis 14th January 2021

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The price of Litecoin [LTC] was hit hard as the demand for cryptocurrencies fell. Prices fell by 27 per cent in three hours from $170 to $124, but were able to rebound in the last few days. The coin was selling $154 at the time of publication, and it was building up further. This was a development seen across all of the world’s altcoins, once again demonstrating the heavy impact of BTC on the market.

Monero [XMR]

Source: XMRUSD on TradingView

Monero‘s [XMR] price has recently been consolidated between $161 and $172, a spread of $10. It’s reached the upper and lower limits a few times now, but it hasn’t exceeded them yet.

In view of the rallying crypto economy, the pattern apparent in Monero’s market was still bullish, but the market was losing its short-term traction, as demonstrated by the Amazing Oscillator.

The lack of momentum may be an indication of a reversal pattern, however, provided that the assistance was high at $161, selling pressure could only trigger a decrease in value of $5 to $6 from the present $166.

Meanwhile, the relative strength index showed that the market was actually at an equilibrium level. The buying and the selling of XMR have been evened out, which could be a hint at the further consolidation of the digital asset.

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Litecoin [LTC]

Source: LTCUSD on TradingView

The above-mentioned hourly chart of the LTC noted the price of the digital asset that overturned the bearishness of the decline lately, when it climbed to $140 past the resistance.

The valuation of LTC noted an upward surge and brought it closer to a resistance of $161.1o. This price trend was seen prior to the recent collapse, and if the price rises above it would mean a full recovery of the digital asset.

There are signs of a bullish market on the market. The 50 moving average and the signal line remained below the price bars, signalling an upward trend of the price. Meanwhile, the Bollinger Bands saw decreased uncertainty as they began to converge.

However, the relative strength index showed that the commodity had entered the over-purchased zone, which may suggest a potential reversal of the market pattern. However, with the help marked at $140, the price will not be cheaper than that level in the event of a deal.

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Zcash [ZEC]

Source: ZECUSD on TradingView

The value of Zcash [ZEC] has risen above the different levels of resistance indicated in the chart above. The current market volume of the commodity was $116.29, but it was well off its all-time peak. This meant that there was space to raise the valuation of the commodity.

While its worth has risen beyond numerous hurdles, the price has again been consolidated. This had also given rise to bearish sentiment in the otherwise bullish economy. This bearishness was observed by the MACD predictor as the value fell below zero and the MACD line dropped below the signal line.

The Relative Strength Index remained similar to the balance zone, indicating that the present amount is a comfort zone for both buyers and sellers.

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