With ETH and BTC successful the limelight, altcoins similar Tezos and Litecoin could spot further gains
Litecoin, Ripple and Tezos are among altcoins to spot a insignificant drawdown successful prices this Friday morning. But contextualised against the broader crypto market, sentiment looks to beryllium affirmative arsenic traders oculus caller moves.
Here's a little position connected the method outlook for Litecoin (LTC), Tezos (XTZ), and Ripple (XRP) up of Friday's $625 cardinal BTC options expiry.
XTZ terms is trading adjacent a captious absorption portion that has antecedently contributed to the wide terms absorption of the coin since the 37% clang connected 19 May. The terms ceiling is astir $3.31 connected the regular chart, which keeps XTZ/USD wrong a ample descending channel.
XTZ regular chart. Source: TradingView
Technicals (the regular RSI is supra 60 and the regular MACD has formed a bullish crossover) suggest the short-term outlook favours caller upside moves.
If bulls breach the absorption enactment of the channel, targets successful the adjacent fewer days would beryllium astatine the 23.6% Fib level ($3.57) and the 38.2% Fib level astatine ($4.49).
On the downside, bears tin people the 50 EMA ($3.00) and the horizontal enactment astir $2.08.
LTC/USD is looking to widen gains supra $140 aft a decent bounce to intraday highs of $147. The RSI is adjacent the overbought territory, portion the MACD connected the regular illustration is opening to summation successful the bullish zone.
The 50% Fib retracement level ($151) and the 61.8% Fib retracement level ($162) supply the adjacent 2 large absorption zones. If the terms clears supra these hurdles, bulls could oculus $180 and past $200.
LTC/USD regular chart. Source: TradingView
On the downside, bids beneath $140 could promote bears to people the 50 MA ($134) and the important portion adjacent the $130 level. A interruption to the 23.6% Fib level ($127) could spot LTC/USD refresh losses to $120.
XRP bounced disconnected the $0.52 enactment level connected 21 July and roseate to highs of $0.77, investigating the 200 MA. The portion is besides location to a semipermanent absorption enactment from November 2020, which is putting unit connected the bulls.
XRP/USD regular chart. Source: TradingView
However, the RSI and the MACD connection bullish signals, suggesting buyers are successful complaint abbreviated term. Also, the quality of a bullish emblem signifier connected the regular illustration suggests bulls mightiness interruption supra the 200 MA ($0.79) and people caller momentum supra the 50% Fibonacci retracement level ($0.81) and past $0.91.
On the flipside, superior enactment is astatine $0.70, $0.62 and $0.51.