LTC, XTZ and DOGE all have seen some correction in the past 24 hours
Litecoin, Tezos and Dogecoin are seeing some downward pressure and correcting recent gains amid a slowdown in Bitcoin and Ethereum. The top two coins struggled after correcting themselves from critical price levels above $ 50,000 and $ 3,300, respectively.
The weekend’s volatility could cause coins to move north, although the near-term outlook for LTC, XTZ and DOGE suggests prices could test previous support areas before recovering.
Litecoin price analysis
Litecoin price broke below an ascending support line on the daily chart, with the LTC / USD pair dropping into critical support below $ 170. Bulls are currently seeing a rebound above the 0.236 Fibonacci retracement level of the move from $ 104 to $ 192. The line, currently near $ 171, provides a supply zone where LTC prices could be revised down.
LTC / USD daily chart. Source: TradingView
The negative outlook for LTC is complemented by the falling RSI and the bearish MACD, suggesting possible retests of the 0.5 Fib level (USD 148) and the 50-day SMA (USD 149). The next area of support is at 0.786 fib ($ 123).
Tezos price analysis
XTZ price rose 28% on Wednesday after it was revealed that leading Swiss banks had tapped Tezos for smart contracts projects. The value of the coin hit a 7-day high of $ 5.44 on Coinbase before massive profit-taking fell below $ 4.35 the next day.
On the flip side, 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 provides 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 flip side, the RSI above 60 and a bullish MACD suggest the price could consolidate above $ 4.50. If the bulls are holding prices above the bullish trendline on the daily chart, the legitimate targets are $ 4.73, $ 5.11, and $ 5.44.
Dogecoin price analysis
Dogecoin price has declined since breaking out from highs of $ 0.35 on August 16. The price of DOGE has retested the USD 0.26 support zone which is currently the anchor in the event of another downtrend.
DOGE / USD daily chart. Source: TradingView
The daily chart shows that the RSI is falling below 50 while the MACD has formed a bearish crossover and is heading into negative territory. The outlook suggests that DOGE could fall below the $ 0.26 area with the bulls likely to rebound from the rising trendline with support near $ 0.24.
On the flip side, the main resistance for DOGE / USD is at the 20 EMA ($ 0.29).