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Litecoin, Cosmos, Zcash Price Analysis: 02 December

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Bitcoin fell after breaching its ATH and this volatility caused many altcoins to drop on the charts. Litecoin had a bullish short to medium-term outlook but appeared to form a bearish reversal pattern on the daily timeframe. Cosmos appeared to be headed toward $5 support once more, and Zcash also sought a level of support in the face of recent selling pressure.

Litecoin [LTC]

Litecoin, Cosmos, Zcash Price Analysis: 02 December

Source: LTC/USD on TradingView

On the daily timeframe, Litecoin has registered impressive gains. The RSI showed bullish momentum and a clear uptrend was in play.

Yet, an ascending broadening wedge was being formed. This could take many more days to either play out or be invalidated, however, it is a pattern that could signal a bearish reversal for LTC from a long-term perspective.

The level at $90 was the closest level of resistance, and beyond it, the wedge’s upper trendline coincides with the $100 level of resistance.


Cosmos [ATOM]

Litecoin, Cosmos, Zcash Price Analysis: 02 December

Source: ATOM/USD on TradingView

Using the Fibonacci Retracement tool for ATOM’s move from swing low $4.21 to swing high $6.48, some important levels of retracement are highlighted.

ATOM in its most recent trading session opened beneath the 50% level at $5.35 and attempted to climb past. However, the MACD showed bearish momentum.

A bearish crossover beneath the zero line showed a strong sell signal, and ATOM could be headed down to $5 in the coming days.

Zcash [ZEC]

Litecoin, Cosmos, Zcash Price Analysis: 02 December

Source: ZEC/USDT on TradingView

ZEC formed a symmetrical triangle, and the imminent support for ZEC was at $71 and resistance in the vicinity of $78 from the descending trendline of the pattern.

Trading volume had been on the decline but for a session that saw bulls valiantly fight back to drive ZEC upward after a wick down near $71. However, the selling pressure forced the price lower in subsequent sessions.

The Stochastic RSI was in the oversold region and it was possible that ZEC could rise toward $78. Yet, the past few hours saw the price close beneath the 50 SMA (yellow), hence a move to $71 might be more likely for ZEC.

Being a continuation pattern, the triangle pointed toward a breakout to the upside from the $71 level for ZEC in the coming week.


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Having studied Chemical Engineering, Akashnath's focus is on the UK and Indian markets and especially crypto assets. He is devoted to technical analysis and is always on the lookout for investment opportunities.
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