Litecoin, Zcash, Compound Price Analysis: 16 December
As the value of Bitcoin went past $20k, many of the market’s altcoins were also seeing their price rise on the charts. The performance of Litecoin, Zcash, and Compound did not witness major uptrends but registered positive gains.
The Litecoin daily chart indicated the sideways movement of the digital asset during the course of the past few days. Although there have been spurts of growth the price has remained between $67.83 and $91.58.
The Parabolic SAR indicator noted bearishness as the markers had aligned above the price bars, indicating a downward pressure.
The ZEC price chart highlighted how the price tested the immediate resistance at $73.40 but has not managed to breach it. It has currently taken the support at $65 and has been trading at around $68. The value bounced back from this point and has been trying to stay above.
Whereas the Relative Strength Index was at an equilibrium state, indicating that the buying and the selling pressures had evened. This meant that the price may consolidate further between $65 and $73.
Compound’s market has surpassed the resistance at $137 and managed to hold its price above this point. The current value of the digital asset was $160.90 as the price consolidated between $137 and $160. The next resistance for the coin is around the $189 price level. As the value of the digital asset moved further, the market seemed to be gaining strength.
This strength in the market was highlighted by the Chaikin Money Flow indicator. The CMF moved above the zero-line which was a sign that the money was moving in the market and not out of the market.