LTC, XTZ and DOGE have all seen some correction in the past 24 hours
Litecoin, Tezos and Dogecoin are seeing some downside pressure, correcting recent gains amid a slowdown for Bitcoin and Ethereum. The top two coins have struggled after correcting from crucial price levels above $50,000 and $3,300 respectively.
Volatility over the weekend could see coins head north, though the short-term outlook for LTC, XTZ and DOGE suggests prices might test previous support zones before rebounding.
Litecoin price analysis
Litecoin price broke below an ascending support line on the daily chart, with the LTC/USD pair declining to within a critical support zone below $170. Bulls are currently eyeing a rebound above the 0.236 Fibonacci retracement level of the move from $104 to $192. The line, currently located near $171, provides a supply zone that could see LTC prices correct lower.
The negative outlook for LTC is added to by the dipping RSI and bearish MACD, suggesting potential retests of the 0.5 Fib level ($148) and the 50-day SMA ($149). The next support area is at the 0.786 Fib level ($123).
Tezos price analysis
XTZ price gained 28% on Wednesday after news that top Swiss banks had tapped Tezos for smart contracts projects. The coin’s value hit a 7-day high of $5.44 on Coinbase before it saw massive profit taking the next day to tank below $4.35.
On the downside, 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 offers 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 upside, the RSI above 60 and a bullish MACD suggest price might consolidate above $4.50. If bulls keep prices above the bullish trendline on the daily chart, legitimate targets lie around $4.73, $5.11 and $5.44.
Dogecoin price analysis
Dogecoin’s price has traded lower since breaking from highs of $0.35 on 16 August. The price of DOGE has retested the $0.26 support zone, which currently provides the anchor in case of further downside.
DOGE/USD daily chart. Source: TradingView
The daily chart shows the RSI decreasing below 50, while the MACD has formed a bearish crossover and is heading into the negative zone. The outlook suggests DOGE might decline below the $0.26 area, with bulls likely to rebound off the ascending trendline with support near $0.24.
On the upside, DOGE/USD’s main resistance is at the 20 EMA ($0.29).
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