Altcoins such as Tezos or Litecoin may see additional gains with ETH and BTC now in the spotlight
Tezos, Ripple, and Litecoin are some altcoins that will see a slight drop in their prices on Friday morning. However, when compared to the wider crypto market, sentiment appears positive as traders look for new moves.
Before Friday’s expiry of the $625 million BTC options, here’s a quick overview of the technical outlook for Litecoin and Tezos.
The XTZ coin price is trading at a critical resistance area that has historically contributed to the overall price direction since the 19 May 37% crash. The daily chart shows that the price ceiling is at $3.31, which keeps XTZ/USD in a narrow descending channel.
Daily chart for XTZ Source: TradingView
Technicals (the Daily RSI is over 60 and the Daily MACD has formed a bullish Crossover) indicate that short-term prospects favor new upside moves.
Bulls that break the resistance line would have to target the 23.6% Fib level ($3.57) or the 38.2% Fib at ($4.49).
Bears have the option to target the 50 EMA (which is $3.00) or the horizontal line at $2.08.
After a good bounce to intraday highs at $147, LTC/USD looks to extend gains beyond $140. The RSI is close to the overbought territory. However, the MACD daily chart is now beginning to move in the bullish direction.
The next two major resistance levels are the 50% Fib level ($151) as well as the 61.8% Fib level ($162) Bulls could target $180 or $200 if the price clears these hurdles.
Daily chart of LTC/USD Source: TradingView
Bids below $140 may encourage bears to target 50 MA ($134), and the critical zone at the $130 level. LTC/USD could see refresh losses of up to $120 if it breaks the 23.6% Fib level ($127).
XRP jumped off the $0.52 support line on 21 July, and reached highs of $0.77. This test the 200 MA. A long-term resistance line is located in the zone, which puts pressure on bulls.
Daily chart of XRP/USD Source: TradingView
However, the RSI and the MACD offer bullish signals, suggesting buyers are in charge short term. Bulls may break above the 200 MA ($0.79) to gain momentum and move above the 50% Fibonacci level ($0.81), then $0.91.
The flip side is that primary support is at $0.70 and $0.62, respectively.