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Litecoin, Zcash, Compound Price Analysis: 03 January



Source: Pixabay

Litecoin was quite bullish on the charts as it targeted a move past $140, but Zcash and Compound lost a level of support to selling pressure and could see further downside in the coming days.

Litecoin [LTC]

Litecoin, Zcash, Compound Price Analysis: 03 January

Source: LTC/USD on TradingView

Litecoin was trading at $139.57, right atop the $139 level of resistance it was likely to flip to support in the coming hours.

The prince refused to sink below the $124 level and saw a surge to $140 over the past 20 hours. The Awesome Oscillator, which showed indecisive momentum a few trading sessions ago, flipped to strongly bullish at the time of writing.

It was likely that LTC would see further upside, with $150 being a psychological resistance, and the $176 further north can also see some selling pressure should LTC reach it.

Zcash [ZEC]

Litecoin, Zcash, Compound Price Analysis: 03 January

Source: ZEC/USDT on TradingView

Zcash showed signs of bearish pressure in December when it formed a symmetrical triangle and broke to the downside. The OBV showed that selling volume has been greater than buying.

Even though there was a region of demand in the vicinity of $62, the selling pressure forced the price lower to test the level of support at $55.5. Subsequently, ZEC saw a bounce and was trading at $57.5 at the time of writing.

The MACD showed strong bearish momentum, and ZEC could be set to slip and touch $50 should it lose the $55 level. News of delisting from Bittrex has likely accelerated the previously present selling.

Compound [COMP]

Litecoin, Zcash, Compound Price Analysis: 03 January

Source: COMP/USDT on TradingView

In mid-December, COMP slumped from near $170 to test the $125 level of support and was headed toward that level once more.

The last few days saw some bearish pressure on COMP, forcing it to lose the $140 level to the bears. The gains of the previous week might be erased shortly, as the RSI moved beneath the neutral 50 value and indicated a downtrend in progress.

The Stochastic RSI was in the oversold region and hinted that the price might retest $140 to confirm it as resistance before a move downward.

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Having studied Chemical Engineering, Akashnath's focus is on the UK and Indian markets and especially crypto assets. He is devoted to technical analysis and is always on the lookout for investment opportunities.