Litecoin [LTC] trades below support level in bear market: Technical Analysis
The bears are back in action again as the crypto market sinks taking down the major altcoins along with Litecoin into the depths. On Friday, the selling pressure of the digital asset is on a rise with the coins trading in red. The performance of the seventh most valuable virtual asset has aligned with the downward spiral in the market, making the coin shave off almost $151 million from its market cap in a span of little more than eight hours. However, when the market was dismal, Litecoin [LTC] has slipped nearly 2% in the last seven days and plunged almost 36% in the past one month.
The new support level began to form at $32.14 and currently, the coin is trading below that level on Friday. The MACD indicates that the coin is trading in bearish territory while the 100 EMA line points to the downtrend. The hourly RSI indicator currently stands at 28.04, which suggests that LTC has reached the level of being oversold in the market. At press time, the token has tumbled almost 10.04% against the U.S. dollar to trade at $31.66.
Currently, the coin has slipped 2.31% against Bitcoin [BTC] with one LTC valued at around 0.0078834 BTC.
Recently, Charlie Lee, the creator of Litecoin, revealed on Twitter several “threats” that the virtual currency had encountered during its early days (in 2011) and how he had handled the threats. In the series of tweets, Lee shared that he utilized a “centralizing feature” to secure the blockchain.
Switzerland’s main stock exchange gave an approval to the world’s first exchange traded product (ETP) tracking a number of cryptocurrencies. The ETP has been designed to track an index based on the movements of five major cryptocurrency including Bitcoin [BTC], Ethereum [ETH], XRP, Bitcoin Cash [BCH] and Litecoin [LTC]. The ETP assets are divided between XRP (25.4 %), ethereum (16.7 %), bitcoin cash (5.2 %) Litecoin (3 %) and the rest will be Bitcoin.
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