The digital asset industry is currently moving towards the red zones as most coins struggle to record new gains. Many coins are declining daily, and this is scaring investors on what the future for the coin holds. The intense selling pressure that occurred when the coins record notable gains could be why the weak currency as support falls to hold it.
Most investors are currently holding, reducing the sell-offs around this time. Charts also show that inexperienced holders might have panicked when the value declined, leading to their cryptos’ sales even in the bearish mark. The market bears might dominate the market if buyers don’t move towards saving the asset from further falls.
Litecoin fails to hold $200 support
Charts show that the crypto is hinting towards the south, especially with the asset’s fall below the boundary’s lower channel. Litecoin’s considerable resistance is around $220, $220, and $230. On the other hand, its support holds around $130, $120, and $110. The asset is still struggling to move past the bears as it tries to hold the $150 level. Today’s chart shows that Litecoin is trading below its moving averages. The whole industry saw the bearish signals, which could mean that the price drops could be for the long term.
The bearish activities led to the price drop below the $200 range as the asset struggle to maintain its $150 support position. Other assets like Bitcoin and Ethereum also recorded significant losses, meaning that all industry investors are feeling the heat. When Litecoin moved from its $200 position, it saw support around $180. The growing bear pressure led to the $180 support loss, taking LTC to around $170. The asset still maintains its $170 price, which is great news for holders.
The market has to firmly hold the current support if they plan to retake the $200 position. The buyers could put pressure towards the $200 mark, thereby helping the asset trade above the 9-day and 21-day MA. The trading above the MA would take the price towards the $210 resistance, signaling an opportunity for higher prices. The current situation shows that the market bears want to weaken the support level to cause a price crash.
RSI moves below 45 level
The asset is still under the lower boundary, showing some more bearish signs. If the asset moves further below the line, there is a possibility that the asset would decline and move towards its nearest support, which is around $130. The technical indicator RSI (14) is below the 45-level and might assist future declines.
Litecoin’s support is growing more dominant than its resistance, being the reason for the coin’s failure to bypass the resistance point. If the bulls are determined, they can strengthen the asset and prevent it from falling to the support level.
A price fall would be disastrous at this point, especially since Litecoin is struggling to maintain its current level. If the price fall occurs, the asset might continue to decline and fall towards the $120 and under.
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