Litecoin, ETC, HBAR: Price Analysis, June 1

Bitcoin’s price continues to linger around the $9500 mark during the past few days. For many altcoins, during the same period, their prices have slumped and moved mostly sideways. Altcoins such as Litecoin and Ethereum Classic saw minor increases in trading value, while Hedera Hashgraph turned out to be not so lucky.

Litecoin [LTC]

Source: LTC/USD, TradingView

Litecoin’s price rose by over 7 percent during the last few days of May. At press time, Litecoin is being traded at $45 and is testing the resistance at $46.9. While the increase in price has been marginal, if the price were to depreciate in the coming days, Litecoin may require a lending-hand from the support at $44.

Litecoin may face an upcoming price drop as the MACD indicator noted a bearish crossover. The RSI indicator shows similar sentiment as it now heads towards the oversold zone. Litecoin was recently in the news after having implemented a privacy feature – MimbleWimble on its network.

Ethereum Classic [ETC]

Source: ETC/USD, TradingView

Ethereum Classic currently finds itself occupying the 20th spot on CoinMarketCap’s list. In the past few days, ETC saw a minor surge of 5.7 percent bringing its trading price to $6.9. At press time, ETC has a market cap of $809 million and a 24-hour trading volume of $1.5 billion. If ETC’s price were to fall it may soon test the support at $6.5. However, if the price continues to rise, it is likely to try and breach the resistance around $7.

Ethreum Classic is likely to soon see its price drop as the MACD indicator has undergone a bearish crossover. The Stochastic indicator is now well into the oversold zone.

Hedera Hashgraph [HBAR]

Source: HBAR/USD, TradingView

During the course of the past few days, HBAR has seen a significant drop in price. Hedera Hashgraph is currently trading at $0.044 and has registered a market cap of $198 million. The current trading price is quite close to testing the resistance at $0.046 and has a strong support at $0.038.

The Bollinger Bands have contracted significantly for HBAR indicating a substantial drop in volatility. The RSI indicator is currently in the neutral zone but is headed towards the oversold zone. HBAR recently announced that LG Electronics joined the governing council of Hedera Hashgraph, making it the 14th member to become part of the council.