Litecoin, Chainlink, Zcash Price Analysis: 11 June
Over the course of the week, the altcoin market has once again mirrored the price action of Bitcoin. Bitcoin, at the time of writing, was again treading very close to the coveted $10k mark with a trading price of $9,819. Such movements have seen the fortunes of popular altcoins like Litecoin and Zcash improve, while coins like Chainlink weren’t as lucky price-wise.
Since 10 June, Litecoin has seen its trading price rise by over 2 percent. The price of the seventh-largest cryptocurrency, in terms of market cap, has noted sideways movement for over a week now. At press time, Litecoin was being traded at $46.3 and had a 24-hour trading volume of $2.1 billion. Further, the press time trading price of LTC was extremely close to its resistance at $46.9. However, if the first resistance were to be breached, Litecoin was likely to also face resistance at $48.2. There was also strong support for Litecoin at $45.4.
The MACD indicator and the RSI suggested bullishness for Litecoin. The MACD indicator had undergone a bullish crossover yesterday, while the RSI was making its way towards the overbought zone.
In terms of developmental news, Litecoin hasn’t had many updates in June. In May, it was announced that the Litecoin Foundation had partnered with prominent video game developer Atari – a decision that is likely to bring the videogame community a step closer to crypto.
LINK’s price movements over 24-hours haven’t been very beneficial for LINK’s trading price after having depreciated by close to 3 percent on the charts. At press time, Chainlink was being traded at $4.37 and had a market cap of $1.5 billion. The press time trading price found itself closer to the support at $4.30. The next point of resistance for Chainlink’s price was at $4.5.
The Bollinger Bands, at the time of writing, had contracted slightly and implied a slight drop in the levels of volatility for Chainlink. Further, the MACD indicator had undergone a bearish crossover, which in turn, signaled a further price drop.
Interestingly, Michael Anderson, co-founder of Framework Ventures, recently selected the Chainlink blockchain to be recognized as one of the most successful blockchains networks over the past two years.
In comparison to the other two altcoins, Zcash seemed to have made notable gains in little over a day’s time. At the time of writing, Zcash found itself occupying the 28th spot on CoinMarketCap’s list and was being traded at $53.8. Since 10 June, the coin’s trading price has appreciated by close to 6 percent and was quite close to the resistance at $55.7. However, if the price were to fall, there were strong supports at $51 and $46.
The RSI indicator for Zcash, after having spent time in the overbought zone, was now retracing its steps. The EMA ribbon had positioned itself beneath the press time trading price and was offering support. Earlier in the week, crypto-analytics company Chainalysis had announced that it would now support privacy coins like Zcash and Dash, enabling the tracking of these coins.