The general trend in the cryptocurrency market is highly bearish on Tuesday. The buyers managed to shake off the selling at the end of last week and over the weekend. However, the recovery has been limited by selling pressure at various barriers. The cryptocurrencies are now seeking higher consolidation to allow the Bulls time to gather momentum for higher corrections. In the meantime, let us dive into the price analysis of Monero (XMR), QTUM and Litecoin (LTC).
Monero (XMR) Price Analysis
Monero (XMR) price is leading the recovery during the trading on Tuesday afternoon (GMT). The crypto is embracing a bullish momentum gaining over 1.3% on the day. The digital asset is the only one in the green among the top ten cryptos by market capitalization. The short-term ascending trendline is offering immediate support at $1.26 while XMR/USD is trading marginally above $130.
The crypto formed a double top pattern during yesterday’s session followed by slight downside correction that found a support at $125. Furthermore, it has formed another bullish flag pattern that has also culminated in the current spike. The buyers must fight to find a support above $130 to allow XMR/USD to find balance and the momentum to attack $140 and eventually the key resistance at $150.
The stochastic on the 15’ timeframe has left the oversold regions, similarly, it is approaching the highly bought levels above the 70 mark. There is a short-term support at $126, however, there are several other support levels at $122, $116 and the demand zone at $110.
QTUM Price Analysis
On the other hand, QTUM price has broken below the bullish trend and is fighting for a support above $8.00. The trend has been slightly bullish since the opening of the session, but the buyers are lacking the momentum to recoil towards the key resistance at $8.4.
The 50% Fib retracement level with the last swing high of $8.87 and a low of $7.43 has also been limiting the gains close to $8.15. The crypto is trading at $8.0 while it has embarked on a downward slide. The 61.8% Fib retracement will support the price in the event declines below the immediate support at $8.00 fails to hold. On the flipside, the key hurdle is at $8.4 while the buyers are psychologically eying $9.00.
Litecoin (LTC) Price Analysis
Litecoin (LTC) price is also extending declines and has dipped below the short-term support at $80.00 yet again. LTC/USD has maintained trading below the bearish trendline for about three weeks now. This also means that the bearish trend is likely to go on in the near-term, especially after the overarching declines at the end last week.
Litecoin (LTC) support at $76.00 failed to hold, but the buyers managed to find another key support marginally above $72. There was a brief bullish spike that was limited below the resistance at $84.00. The crypto is forming a bullish flag pattern that could result in an upward breakout towards the coveted $100.
The price is highly bearish, while the stochastic on the 15’ minutes timeframe is deep into the oversold to show the prevalence of selling pressure. The Simple Moving Averages are also sending bearish signals in the medium-term. The support at $76.00 must hold to the close of the session. But failure to which, the demand zone above $72.00 will be instrumental in halting declines below $70.00.