Litecoin fell as the selling pressure on Bitcoin increased. At press time, BTC was trading at $ 35,000 with a 24-hour trading volume of $ 86.6 billion.
However, Litecoin itself has not seen significant volumes of coins sold. Synthetix saw its price plunge as fear gripped the market. Ethereum Classic was heading towards the $ 7 support level.
Litecoin fell across the demand region to $ 155- $ 165 due to market-wide losses in the last few hours, boosted by selling pressure on BTC.
OBV has shown that while the momentum is bearish in the short term. The buying volume tends to increase and the last hours of sales. They barely made a dent compared to the last four days of buying.
The reported stochastic RSI has been oversold, although this in and of itself does not require a rebound for LTC. Support levels are $ 139.6 and $ 123 for long term care.
Likewise, LTC has been in an uptrend since late October, when it was trading at $ 45. The longest selling period at this time was in early December. Therefore, LTC is expected to trend downward for an equivalent period. Then the uptrend of the last few months can be considered as over.
A recent report suggested that the chain moves were bearish for Litecoin, while maintaining investor confidence.
The sign of an asset’s strength is when it holds up even as fear spreads in the market. Synthetix cannot claim to have this strength, since SNX has fallen by 15%. Which is almost equivalent to the 17% losses shown by ETH in recent hours.
However, this drop to the support level of $ 11.2 provides a buying opportunity. The RSI for SNX breaks below 50 neutral, but this is not yet indicative of a short-term downtrend.
Below $ 11.2, $ 9.8 should offer support. Losing the $ 11.2 level would indicate a short-term bearish trend, but does not suggest a rally reversal in the longer term.
Ethereum classic [ETC]
The visible fixed range profile has shown that the regions of imminent importance for ETC are resistance at $ 7.5 and support at $ 7 and $ 6.6.
The MACD has formed a bearish cross after the past two weeks which have seen it move above the zero line to highlight the uptrend. Such a previous cross over the past week saw ETC take a pullback and resume its upward movement something similar could happen for ETC at $ 7.
Well done, you’ve read this entire article!
To congratulate you, we are going to offer you our free method of investing in cryptocurrencies simply and automatically with the objective of generating regular income while protecting your capital as much as possible.
To access your giveaway, click here and register: https://www.fructify.io/actucrypto.