Litecoin, Synthetix, Crypto.com Price Analysis: 24 September
The crypto-market opened itself to a lot of volatility after a sudden fall towards the beginning of the week was noted on the charts. In fact, the aforementioned fall impacted altcoins more than it impacted Bitcoin, with the worst sufferers being small-cap assets and mid-cap assets, while major crypto-assets registered a red market.
The daily chart for Litecoin [LTC] was showing the Bollinger Bands diverging on the charts, a sign of growing volatility in the market. Although volatility alone did not have any bearish or bullish connotations but combined with the indicator, it suggested a bearish market.
The Signal line of the Bollinger Bands had taken its place above the candlesticks, meaning the price trend was moving lower. Trading at $43.51, at the time of writing, LTC’s price was between the resistance [$47.69] and support [$39.97]. This was the range LTC’s price was consolidating within previously.
Litecoin transactions have been surging lately in light of the popularity of a fantasy game, LiteBringer, a game that uses the digital asset.
Synthetix was registering a strong spike in its price after May, with the token stumbling a little only recently. While the price of the digital asset peaked at $8.05, at the beginning of September, it fell by over 50% to $3.88, at press time. The price established support at $3.41, whereas the resistance level remained strong at $4.83.
With the 50 moving average taking over the price trend, a downwards swing in the price of SNX was suggested. The Parabolic SAR also highlighted the bearishness in the market as the dotted markers were aligned above the price bars.
Crypto.com [CRO] has been one of the few cryptos in the crypto-market to register tremedous growth on the charts this year. In fact, CRO was returning over 300% in YTD to investors, which was a giant return for a major crypto. Despite the pressure in the market, CRO’s price has not been impacted greatly as it continued to consolidate between $0.1800 and $0.1387 since August.
The Relative Strength Index indicated that the digital asset was close to the oversold territory. This finding meant that users were actively selling the token, but since the support was close, this trend may reverse soon.