Crypto Price Analysis Feb. 07: XTZ, ETC, XMR, LINK, LTC


Tezos (XTZ), Ethereum Classic (ETC), Monero (XMR), Chainlink (LINK), and Litecoin (LTC) are on the green side of the market as the cryptocurrencies break the next resistance to continue upward move. One common feature among the coins is that they are trading at the overbought region of the indicator. The implication is that cryptocurrencies may drop before the resumption of the upward move.

XTZ/USD Major Trend: Bullish

Tezos (XTZ) has been in a range-bound move since mid last year. The coin has not been able to trade above $1.80 since May 2019. The bulls have made three unsuccessful attempts at the resistance of $1.80. Each attempt at the resistance will result in the price to fall to a low of $0.800. Then the range-bound move will continue as the market moves to retest the overhead resistance.

XTZ - Daily Chart

Nonetheless, on February 2, the bulls broke the overhead resistance and the price went up to the high of $2.17 after a minor resistance at $2.0. As Tezos rose and made a new uptrend, the Relative Strength Index (RSI) also went up to level 77. This indicates that the coin may likely drop as it is overbought. In the overbought region, sellers will push the price downward. Buyers are not on hand to push XTZ upward while in the overbought region.

ETC/USD Major Trend: Bullish

Ethereum Classic (ETC) made a positive move a week ago as it reached a high of $13. The market is currently fluctuating below the resistance. At the time of writing the price seems to fluctuate between $11 and $13. The bulls and bears are undecided about the direction of the market. At a closer look, the uptrend is still ongoing.

ETC/USD - Daily Chart

On the upside, if the price fluctuates and breaks the resistance at $13, ETC will rally above $15. Alternatively, if price breaks below $13, the coin may drop to a low of $8 and resume the upward move. Nonetheless, further selling at this low may result in the coin falling into the previous range. This is very unlikely. Meanwhile, ETC is above 75 % range of the daily Stochastic. This indicates that the coin is in a bullish momentum and may rise.

XMR/USD Major Trend: Bullish

Monero (XMR) is making a further move as it breaks the resistance at $70. The upward move is ongoing as the price bars are above the 12-day and 26-day EMAs. The privacy coin is approaching the $80 price level. However, if the bulls overcome the minor resistance at $80, the coin will rally above $90 price level. Furthermore, if the bulls are successful above $90 price level, Monero will be out of the downtrend zone.

XMR/USD - Daily Chart

Presently, the coin is above level 72 of the daily Relative Strength Index period 14. There are indications that the Monero may drop as it has reached the overbought region of the market. In the overbought region, buyers will be in short supply as they will be incapable to push the coin upward. Rather we will have the presence of sellers who will push XMR downward.

LINK /USD Major Trend: Bullish

LINK, the native currency of the Chainlink platform, is currently in a sideways trend. Following the end of the downtrend in September, the bulls have made failed attempts to break the overhead resistance at $3.0 on three occasions. Today, the bulls are making another attempt at the resistance.

LINK/USD - Daily Chart

A successful break above the overhead resistance will push the coin above $3.50. Subsequently, the momentum will extend to a high of $4.0. On the other hand, the cryptocurrency will continue its sideways move, if the bulls fail to break the overhead resistance. Meanwhile, LINK is above 79% range of the daily Stochastic. It indicates that the coin is in bullish momentum.

LTC/USD Major Trend: Bullish

Litecoin (LTC) is still in an uptrend but faces resistance at $76. For the past one week, the silver coin has earlier been battling with the resistance at $72 which has been overcome. Litecoin is now consolidating above the support of $72 and below $76. On the upside, if the resistance at $76 is breached, the cryptocurrency will rally above $80 and the momentum will extend to the $90 price level.

LTC/USD - Daily Chart

On the downside, LTC may drop to the low of $66 if the bears break the support at $72. Meanwhile, the Relative Strength Index (RSI) period 14 level 74 indicates that the coin is in the overbought region of the market. Litecoin may fall as it is trading in the overbought region. Sellers may intend to push the price downward.

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