QTUM/BTC Technical Analysis
As seen on the chart below the QTUM/BTC Fibonacci retracement levels broke the key resistance level at 61.8% with most of the trades taking place below the retracement level. The support level is at 78.6% which fairly reflects on the horizontal level of support at (0.00123) in the negative. The current level will however see the token drop to lower levels if the price crosses below the support line. The previous swing started at a higher level at 0.0015 after creating a short term bottom at 0.00148.
The Stochastic RSI shows QTUM/BTC pair was overbought in the last couple of hours but it is reverting back to towards the center line. The coin is set for a bearish momentum in this analysis as the RSI confirms the state with the RSI reaching overbought levels in the last few hours.
The VEN/BTC technical analysis
The relative strength index is currently oscillating between a minimum of 30.02 to a maximum of 56.78 showing a contrast in the market in the last few hours. Looking at the charts closely, the token seems to be headed for a bull run in the coming days. However, given the current state of the market, it may well be a false alarm. Looking at the wedges formed from the VEN/BTC chart, the price seems to be breaking out of the triangle signaling an upcoming bullish momentum. This coincides well with the current RSI movements going lower and lower towards the oversold region. However, if the price crosses below the support line, the market may sour out to a bearish trend.
VeChain launched its main net release at the end of May showing interest in overall developments of the blockchain in which investors reacted positively to the news. Binance announced its support of the main net swap on VeChain to VeChainTHOR while adding the support of VEN/USDT pair to cryptocurrencies pairs traded on the platform. These pieces of news have however had little to no impact in increasing the price of VEN given the overall downfall of the cryptocurrency market.
LTC/USD Technical Analysis
For the past 12 hours the relative strength index has oscillated in the oversold region below 30 currently at 20.09. The RSI shows the possibility of upcoming bullish trend on LTC/USD pair. This interpretation of the low RSI is however contrasting with the stochastic RSI that shows an upcoming bearing momentum with the graph showing the LTC/USD pair being overbought by crossing the limits. Given the current state of Bitcoin’s price, which has fallen from above $6,700 to below $6,200 for the first time in June, we might see LTC price drag down with it. LTC is highly correlated to BTC price against the dollar hence the continuing downfall of the coin.