LTC, XTZ and DOGE have all seen some correction in the past 24 hours
Litecoin, & Tezos and Dogecoin are seeing some downside pressure, correcting recent gains amid a slowdown for Bitcoin and Ethereum. The top two coins have struggled after correcting from crucial price levels above $50,000 and $3,300 respectively.
Volatility over the weekend could see coins head north, though the short-term outlook for LTC, XTZ and DOGE suggests prices might test previous support zones before rebounding.
Litecoin price& analysis
Litecoin price broke below an ascending support line on the daily chart, with the LTC/USD pair declining to within a critical support zone below $170. Bulls are currently eyeing a rebound above the 0.236 Fibonacci retracement level of the move from $104 to $192. The line, currently located near $171, provides a supply zone that could see LTC prices correct lower.
LTC/USD daily chart. Source: TradingView
The negative outlook for LTC is added to by the dipping RSI and bearish MACD, suggesting potential retests of the 0.5 Fib level ($148) and the 50-day SMA ($149). The next support area is at the 0.786 Fib level ($123).
Tezos price analysis
XTZ price gained 28% on Wednesday after news that top Swiss banks had tapped Tezos for smart contracts projects. The coin's value hit a 7-day high of $5.44 on Coinbase before it saw massive profit taking the next day to tank below $4.35.
On the downside, the price of XTZ could retest the key support zone at $4.17, marked by the 0.618 Fib level of the move from $2.10 to $5.44. The 20-day& EMA line at $3.87 offers the next anchor, with the 0.5 Fib level also providing a potential demand zone at $3.77.
XTZ/USD daily chart. Source: TradingView
On the upside, the RSI above 60 and a bullish MACD suggest price might consolidate above $4.50. If bulls keep prices above the bullish trendline on the daily chart, legitimate targets lie around $4.73, $5.11 and $5.44.
Dogecoin price analysis
Dogecoin's price has traded lower since breaking from highs of $0.35 on 16 August. The price of DOGE has retested the $0.26 support zone, which currently provides the anchor in case of further downside.
DOGE/USD daily chart. Source: TradingView
The daily chart shows the RSI decreasing below 50, while the MACD has formed a bearish crossover and is heading into the negative zone. The outlook suggests DOGE might decline below the $0.26 area, with bulls likely to rebound off the ascending trendline with support near $0.24.
On the upside, DOGE/USD’s main resistance is at the 20 EMA ($0.29).
The post Price analysis for Litecoin (LTC), Tezos (XTZ), Dogecoin (DOGE) appeared first on Coin Journal.
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