The altcoin market saw a sharp plunge but recovered a few hours later. Litecoin found some support at $192, while Tron struggled to stay atop the $0.05 level. Elrond saw a pullback and could be set to retrace further.
Litecoin [LTC]
Source: LTC/USD on TradingView
Litecoin was forced to touch the $192 mark once more, but its short-term outlook flipped back to bullish as the RSI rose above neutral 50 once more.
In the long-term, LTC has broken past the $180 level which represents the range highs, from $123 to $180. Above the $200 price level, the $225 mark posed some resistance to LTC but it appeared that bulls had seized the initiative and were ready to move the price to those levels once more.
Tron [TRX]
Source: TRX/USDT on TradingView
Tron climbed steadily toward the $0.06 mark but even as its price rose over the past few days, the OBV made a series of lower highs. This bearish divergence pointed toward a pullback for TRX.
Bitcoin’s drop also affected the price adversely and TRX slipped beneath $0.05 but climbed it back once more to trade at $0.052 at the time of writing.
The MACD formed a bullish crossover and was headed upward but was in bearish territory, indicative of a bounce. The Parabolic SAR gave a sell signal. The OBV would need to pick up, and TRX would need to climb back above the $0.056-$0.058 region before it can be considered to be headed higher once again.
Elrond [EGLD]
Source: EGLD/USDT on TradingView
Using the Fibonacci Retracement levels for two different moves of EGLD up to $16.99, some confluence between the retracement levels was seen. These regions, such as the $132 and the $97 areas, can be expected to serve as support.
In the short-term, defense of the $132 would give bulls some impetus as it moves northward. However, the Awesome Oscillator was plunging following the recent sell pressure.
A session close beneath $132 would likely see EGLD drop to $112.