Litecoin, VeChain, Ontology Price Analysis: 23 September

Wednesday 23 September 2020, 11:47 PM AEST - 1 month ago

With Bitcoin dropping down to $10,406 at press time, other altcoins were hardly finding any market momentum to facilitate a recovery. Litecoin, Vechain, and Ontology were all under a period of bearish pressure as the assets began to consolidate at a lower range.

Litecoin [LTC]

Litecoin-1.pngSource: LTC/USD on Trading View

Litecoins high correlation with Bitcoin has always been its biggest advantage and misfortune. Exhibiting a value of $44, Litecoins current price movement pictured the formation of a rising wedge pattern. The resistance at $45 will possibly be tested but another bearish setback is on the cards. With a market cap of $2.88 billion, LTC garnered a trading volume of $1.63 billion over the past day.

Relative Strength Index or RSI suggested a recovery in buying pressure but it is unlikely to sustain a higher and continuous intensity. With the 50-Moving Average putting in pressure from the top, the price is currently dealing with converging volatility as the Bollinger Bands exhibited inwards movement. The immediate support for Litecoin remained at $40.

VeChain [VET]

VET-1-1.pngSource: VET/USD on Trading View

For VeChain, the last 24-hours have been more devastating than the others. The token suffered a significant drop of 11.04 percent as the market cap dropped down to $736 million in the charts. With an average trading volume of $159 million, the trend seemed extremely bearish for VeChain.

Market Indicators did not paint a favorable sentiment either as Chaikin Money Flow or CMF indicated a rapid depletion in capital inflows. Inflows were still higher than Outflows but the latter was bridging the gap at press time. Parabolic SAR was observed over the candles, suggestive of a continuous bearish trend while Bollinger Bands suggested the increasing volatility with the band propagating quite a bit of divergence.

Ontology [ONT]

ONT.pngSource: ONT/USD on Tradi ...

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