STEEM, Zcash, Litecoin Price Analysis: 06 August

The month of July re-introduced the cryptocurrency market to price volatility, one that resulted in the market’s large-cap cryptos surging and even dumping slightly on the charts. However, this volatile market did contribute to some cryptos gaining significantly. At press time, many of these cryptocurrencies were still undecided over which trend to follow.

Litecoin [LTC] 

Source: LTC/USD on TradingView

The silver to Bitcoin’s gold, Litecoin [LTC] was reporting a mere 0.44% in gains over the last hour, with LTC noting a value of $58, at press time. Further, the immediate resistance and support for the crypto were marked at $63.96 and $54.19, respectively. It must be noted, however, that since the coin’s recent surge was exponential, its support levels haven’t been tested in a while.

Litecoin’s Parabolic SAR indicator underlined the bearish trend that was evolving in the market, with the dotted markers aligned above the price bars, at press time.

Litecoin was in the news recently after developer David Burkett revealed that the first MimbleWimble test network is scheduled to launch in September.


Source: STEEM/USD on TradingView

STEEM has had a news-filled 2020, one full of developments such as the controversy that arose after Tron’s Justin Sun took over the accounts of dissident validators. The aforementioned development was key to the emergence of a new hard fork – HIVE.

Despite a hard time in the market, however, STEEM gained by 83% in YTD and was being traded at $0.2085, at press time. While the resistance was visible at $0.2383, its support level was at $0.1902. STEEM has been moving sideways over the past couple of months, with the crypto not among those to have registered a visible spike on the charts recently.

As per the Chaikin Money Flow, the signal line lay in the positive territory, implying that there were buyers in the market and by extension, more capital inflows.

Zcash [ZEC] 

Source: ZEC/USD on TradingView

The Zcash market has opened up to a lot of volatility lately, as highlighted by the Bollinger Bands. The sudden price rise in July introduced the same to the market, as underlined by the divergence of the bands. With the coin trading at $95.97, it was raking in 250.50% gains in YTD for its investors. The immediate resistance for the coin was at $102.57, whereas the support was at $76.29.

The Bollinger Bands also suggested that the press time trend in the ZEC market was a bullish one, as the signal line was creeping under the price candles. With the coin noting gains for its investors, its demand has been increasing as well, which is why Liquid exchange COO Seth Melamed was among those to say that the exchange might re-list the token.