With ETH and BTC in the spotlight, altcoins like Tezos and Litecoin can achieve additional gains
Litecoin, Ripple and Tezos are among the altcoins that experienced a slight drop in prices this Friday morning. But in context with the broader cryptocurrency market, sentiment appears to be positive as traders keep an eye out for new moves.
Here’s a brief look at the technical outlook for Litecoin (LTC), Tezos (XTZ) and Ripple (XRP) ahead of Friday’s $625 million BTC options expiration.
The XTZ price is trading near a critical resistance zone that previously contributed to the overall direction of the currency’s price since the 37% drop on May 19th. The price cap is around $3.31 on the daily chart, which keeps the XTZ/USD currency pair within a large downward channel.
XTZ daily chart. Source: TradingView
The technical data (the daily RSI is above 60 and the daily MACD has formed a bullish crossover) suggest that the short-term outlook favors further bullish moves.
If bulls breach the channel’s resistance line, targets in the coming days would be at the 23.6% Fib level ($3.57) and the 38.2% Fib level ($4.49).
On the downside, bears may target the EMA 50 ($3.00) and the horizontal line around $2.08.
The LTC/USD pair is looking to extend gains above $140 after a decent jump to intraday highs of $147. The RSI is near the overbought territory, while the daily chart’s MACD is starting to rise in the bullish zone.
The 50% Fib retracement level ($151) and the 61.8% Fib retracement level ($162) provide the next two major resistance zones. If the price exceeds these hurdles, bulls can target $180 and then $200.
LTC/USD daily chart. Source: TradingView
On the downside, bids below $140 may encourage bears to target the 50 MM ($134) and the crucial zone near the $130 level. A break to the 23.6% Fib level ($127) could result in LTC/USD update losses to $120.
XRP jumped from the $0.52 support level on July 21st and rose to highs of $0.77, testing the 200 MA. The zone also harbors a November 2020 long-term resistance line that is putting pressure on bulls .
XRP/USD daily chart. Source: TradingView
However, the RSI and MACD offer bullish signals suggesting that buyers are in charge in the near term. In addition, the appearance of a bullish flag pattern on the daily chart suggests that bulls may surpass 200 mA ($0.79) and seek fresh impetus above the 50% Fibonacci retracement level ($0.81) and then $0.91.
On the other hand, primary support is at $0.70, $0.62 and $0.51.