LTC, XTZ and DOGE have all seen a correction in the last 24 hours.
Litecoin, Tezos and Dogecoin are experiencing some downward pressure, correcting recent gains amidst a slowdown in Bitcoin and Ethereum. The first two coins have struggled after correcting crucial price levels above $50,000 and $3,300 respectively.
Volatility over the weekend could see the coins head higher, although the near-term outlook for LTC, XTZ, and DOGE suggests that prices could test previous support areas before rebounding.
Litecoin Price Analysis
Litecoin price has broken below an ascending support line on the daily chart, with the LTC/USD pair falling into a critical support area below $170. Bulls are currently looking for a bounce above the 0.236 Fibonacci retracement level of the $104-$192 move. The line, currently located near $171, provides a supply area that could see LTC prices correct lower.
LTC/USD Daily Chart. Source: TradingView
The negative outlook for LTC is reinforced by a declining RSI and bearish MACD, suggesting a potential recovery from the Fib 0.5 level ($148) and the 50-day SMA ($149). The next support area is at the Fib 0.786 level ($123).
Tezos Price Analysis
XTZ’s price gained 28% on Wednesday after news that leading Swiss banks had tapped Tezos for smart contract projects. The coin hit a seven-day high of $5.44 on Coinbase before suffering massive profit-taking the next day and falling below $4.35.
On the downside, XTZ price could retest the key support area at $4.17, marked by the Fib 0.618 level of the $2.10 to $5.44 move. The 20-day EMA line at $3.87 offers the next anchor point, with the Fib 0.5 level also providing a potential demand area at $3.77.
XTZ/USD daily chart. Source: TradingView
On the upside, the RSI above 60 and a bullish MACD suggest that price could consolidate above $4.50. If the bulls keep price above the uptrend line on the daily chart, legitimate targets are around $4.73, $5.11 and $5.44.
Dogecoin Price Analysis
The price of Dogecoin has been trading lower since breaking the highs of $0.35 on August 16. The price of DOGE has retested the $0.26 support zone This is currently the anchor for further declines.
Daily chart of DOGE/USD. Source: TradingView
The daily chart shows a decline in the RSI below 50, while the MACD has formed a bearish crossover and is heading into the negative zone. The outlook suggests that DOGE could fall below the $0.26 area, with bulls likely to bounce off the rising trend line with support near $0.24.
On the upside, DOGE/USD’s main resistance is at the 20 EMA ($0.29).