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Analysis

Litecoin, Steem, Zcash Price Analysis: 24 December

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Source: Unsplash

Among the likes of Litecoin, Steem, and Zcash, LTC seemed to be the only alt holding up as its 2-month returns stood at a staggering 126% at press time, while the rest were in negative territory. With the alt season on its way, these altcoins might see some positive changes in their price soon and the same was highlighted by the technicals for these cryptocurrencies.

Litecoin [LTC]

Source: LTCUSD on TradingView

Litecoin is out of its time and the main reason for the same is its supporters. While LTC survives, its peers who were in the top-10 are nowhere to be seen. At press time, however, LTC showed consolidation around the 0.618-Fibonacci level, a sign of promise.

Although there remained chances of LTC dropping to the $0.5-Fibonacci level at $86.88, it was still bullish.

Further, the RSI indicator noted a brief dip near the neutral zone [50-level], a level where it might register a bounce. Unlike the RSI, however, the OBV indicator did not drop as much, indicating that the price drop might have been exaggerated without actual volumes to back it.

Hence, by and large, LTC seemed bullish.

STEEM

Source: STEEMUSD on TradingView

STEEM saw a drastic drop in its price in the last 4 days, leading to its value depreciating by almost 33%. While this seemed bearish, STEEM was sitting at its support level of $0.1464, hence, there remained a chance for the price to bounce. Moreover, a drop wouldn’t be scary as there was another support approximately 11% from the previous one.

The RSI indicator was deep in the oversold zone, struggling to surge higher. The same was seen with the Stochastic RSI trying but failing on many bullish crossovers.

Overall, STEEM looked ready for a bounce soon.

Zcash [ZEC]

Source: ZECUSD on TradingView

Zcash saw a huge wick to the downside on 23 December and it found its support in the golden pocket zone. A bounce from here seemed more than likely. It shouldn’t matter even if ZEC drops down to the 0.65-Fibonacci level [$47.80].

The OBV indicator underlined dropping volumes and the MACD indicator registered a wide bearish crossover below zero. The indicators suggested that a small drop was incoming, so as mentioned, we might test the $47.80-level once again.

Regardless, we can expect ZEC to show bullishness after this drop.

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Akash is a full-time cryptocurrency writer and an analyst at AMBCrypto. He is an engineering graduate with an avid interest in finance and economics. Attracted to the chaos of trading, Akash has invested in BTC, ETH and XRP for educational purposes.

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