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Zcash, OmiseGo and Litecoin price: Will the downward trend continue?

Rakshitha Narasimhan

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Litecoin, Zcash, OmiseGo: Is Bitcoin-halving the reason for alts trending downwards?
Source: Unsplash

March has not been a good month for the coins, price-wise. Though some coins might have indicated a short-term upward movement, on the whole, most of the altcoins such as LTC, BCH, XMR, Zcash, OmiseGo have been trending downwards.

Litecoin

Source: LTC/USD, TradingView

Ranked Top 7 on CoinMarketCap, Litecoin has not been able to meet investors’ expectations for quite some time now. The coin dropped by 61% during the start of March and is being rejected at $40.9. CMF indicator hints the breakout in the opposite direction.

Resistance: $40.97, 43.69
Support: $34.45, $32.43, $29.14

At press time:

Price: $38.22
Market Cap: $2,428,128,057
24-hour Trading Volume: $2,744,843,228

Zcash

Source: Zcash/USD, TradingView

Since its launch, Zcash has been working toward improving its privacy features. However, Zcash has not been able to take over Monero in terms of recognition as of yet. The above chart indicates a downward trend that Zcash has been facing since March 12. The coin’s price dropped by 54.7%, but it quickly managed to recover and rise by 66%. The coin has maintained constant support since then at $29, although the price breached this support on March 29, hinting a further downward breakout which is also confirmed by the Bollinger Bands.

Resistance: There’s immediate resistance found at $36, however, $42.47 and $54.80 are long-term resistances.
Support: $29, $24.89, $21.6

At press time:

Price: $30.34
Market Cap: $279,266,625
24-hour Trading Volume: $259,281,706

OmiseGo

Source: OMG/USD, TradingView

Black Thursday’ saw the price drop further down by 58%. The above chart indicates the formation of a symmetric triangle, signaling a possible breakout in both an upward and downward direction. However, the Stochastic RSI indicator has just crossed over the signal line hinting at a buying trend.

Resistance: 0.56, 0.80
Support: 0.46, 0.40

At press time:

Price:$0.48
Market Cap: $67,496,983
24-hour Trading Volume: $131,034,308

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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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