While gains in the broader crypto market have been solid over the past week, a minor pullback in market leaders – Bitcoin and Ethereum was received negatively by most altcoins as focus shifted towards the selling side. Similarly, altcoins LTC, XTZ, and IOTA traded in the red at press time after failing to hold on to higher levels on the charts.

Litecoin [LTC]

Source: LTC/USD, TradingView

A fall below the 20-SMA (blue) and 50-SMA (yellow) highlighted Litecoin’s downtrend since snapping a three-year high at $243. The Parabolic SAR confirmed the bearish market as the dotted markers moved above the candlesticks.

The Awesome Oscillator’s red bars moved below the half-line after a bearish twin peak setup. A further sell-off at this level could see LTC test support at $207.4. Conversely, a pickup in buying activity could see the crypto asset break above its 20-SMA and mark a bullish reversal.

Tezos [XTZ]

Source: XTZ/USD, TradingView

A look at Tezos‘ daily charts showed that the bulls struggled to maintain the recent uptrend, ceding the $5 level to the bears. A bearish crossover in the MACD indicated that prices could remain strained over the next few sessions.

Since the Bollinger Bands showed high volatility in prices, there was a chance that XTZ could move below support at $4.12 in an extended bearish scenario. On the other hand, a bullish bounce back could be on the cards if the buyers cut losses at the 20-SMA.

IOTA

Source: IOTA/USD, TradingView

IOTA traded close to a crucial $1.33 support mark at the time of writing after the price fell more than 4% in the last 24 hours. There was some indication in the market that the bulls could lose out to the aforementioned level as the Awesome Oscillator moved below the zero mark.

An Average Directional Index reading of 20 showed that IOTA’s uptrend declined since snapping a local high over the last few days. If prices continue to move southbound, support levels at $1.18 and $1.02 could be tested. On the flip side, a rise above the $1.46 upper ceiling can be expected.


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(Excerpt) Read more Here | 2021-02-22 08:40:53
Image credit: source

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