Litecoin (LTC), XinFin (XDCE) & Tron (TRX) 22nd August – Bears still strong in the altcoins market

Fibo Quantum

Litecoin (LTC)

Like the rest of the market, Litecoin (LTC) started the week with bearish sentiment, and could be headed to new lows below $50. This is quite visible in the weekly charts where Litecoin is hitting new lows with each coming weeks. It has already broken below two key support levels, the 55-day moving average at $113 and the 100-day moving average at $71. The next target going by this pattern could be the 200-day moving average support level at $36. Litecoin

In the day, Litecoin’s price is moving in tandem with the long-term charts. For instance, in the one hour chart, Litecoin has been making lower highs since yesterday, which is a bearish signal.  The first high was at $58, the second one at $57 and the last one a few hour ago was at $56. Since with each lower high, the price tests new lows, there is a high possibility that Litecoin could test a new low after the $56 high. Such a drop could see Litecoin (LTC) test $53 in the next 24 hours. If it breaks below this level, then it could test $47, which is the next major short-term support level. However, in crypto things move fast, so a reversal that goes contrary to the charts is always a possibility.

XinFin (XDCE)

Looking at the weekly charts, XinFin (XDCE) like the rest of the market has been bearish. XinFin has dropped by a few percentage points from $0.00148 to $0.00140. However, it seems to have stabilized at around $0.00141, for the past 3 days.XinFinThis is in tandem with the price movements of bitcoin (BTC), which has also stabilized at $6400 -$6300 in the same period. In essence, we can infer that unlike most altcoins that are dropping even as bitcoin stabilizes, XinFin (XDCE) is developing a strong correlation to bitcoin. This means that if bitcoin breaks above $6400 and starts to rally towards $7000, XinFin (XDCE) will rise faster, percentage-wise.  In the day, the momentum around XinFin has been largely positive, with a minor correction from $0.00141 to $0.00405. Again this is pretty much in correlation with bitcoin, which has also shed off a few points in the last few hours. Going by this correlation, there is a good chance that XinFin could make some gains in the next 24 hours. That’s because bitcoin is now trading along a major support level at $6400, and if it breaks above it, it could easily test $6500 within the day. It’s the first resistance in the day.XDCE

Tron (TRX)

From the long-term charts, Tron (TRX) is clearly in bear territory. It opened the week bearish at $0.021, and has dropped to $0.02. As long as altcoins continue to drop, the value of Tron (TRX) could continue to drop too. The good thing is that the drops are getting smaller, an indicator that the bear run could be coming to an end.  In the day, Tron (TRX) is trading along the 200-day moving average support level at $0.0205.  If it breaks below this price, there is good chance that it could test $0.0191.  That’s the key support level in the next 24-hours. Tron


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