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Monero, FTT and Lisk likely in for a short-term bearish run

Rakshitha Narasimhan

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Monero, FTT and Lisk are all in for a short-term bearish run
Source: Unsplash

Altcoins that incurred significant losses during the ‘Black Thursday’ have been reacting differently in the recovery phase. While some altcoins have been trending upwards without any roadblocks, others are experiencing negligible short-term breakouts. Monero, FTT, and Lisk have been trending upwards lately; however, they might record a short-term downward breakout in the coming days.

Source: Monero/USD, TradingView

The privacy coin Monero has been trending downwards since March 7; it recorded a drop of 59%. However, once it entered the recovery phase, the altcoin has been trending upwards. It breached the resistances at $32.13, $37.45, $43.06 and is currently maintaining support at $51.84. Although the coin has been trending upwards, there may be a short-term downward breakout as confirmed by CMF indicator which rests below the zero line. Additionally, Bollinger Bands which are just starting to widen indicate a potential high-volatile phase in the coming days.

Resistance: $56.69, $69.99
Support: $51.84, $43.06, $37.45

At press time:

Price: $54.24
Market Cap: $953,848,661
24-hour Trading Volume: $138,355,125

FTX Token

Source: FTX Token/USD, TradingView

The 32nd coin on CoinMarketCap has been trending downward since mid-Feb. However, starting March 15, the coin has seen a slight uptrend in the price by about 32%. Stoch RSI indicator which rests above 80, hints an ‘overbought’ situation.

Resistance: $2.58, $2.97
Support: $2.40. $2.01

At press time:

Price: $2.56
Market Cap: $242,938,656
24-hour Trading Volume: $1,693,668

Lisk

Source: Lisk/USD, TradingView

After recording a 52% fall on March 12, the price rose up by 79% on March 16 and has been maintaining support at $0.92 since then. However, although the coin rose up from $0.70 to $1.25 within 4 days, it has been on a downtrend since then, as seen in the above chart.

MACD indicator with a bearish crossover indicated a further downward breakout, on the other hand; RSI indicator which rests at 62.76 indicated a potential ‘over-bought’ situation.

Resistance: $1.08, $1.26, $1.49
Support: $0.9, $0.73, $0.65

At press time

Price: $0.99
Market Cap: $121,564,736
24-hout Trading Volume: $3,572,057

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A Psychology and Journalism graduate, Rakshitha focuses on UK and Indian markets. As a crypto-journalist, her interests lie in blockchain technology adoption across emerging economies.

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