The cryptocurrency market yesterday, 11th October, shattered the community’s hopes with the price dropping at an unprecedented rate. Popular cryptocurrencies like Bitcoin [BTC], Bitcoin Cash [BCH] and Litecoin [LTC] all witnessed the attack of the bear with the respective charts reflecting the same.
The analysis shows a clear picture of the massive market crash that made investors and enthusiasts sit up and take notice of the cryptocurrency market which was showing a sideways movement until the drop.
Litecoin [LTC] was one of the popular cryptocurrencies which suffered the brunt of the bear after a stable sideways movement over the past seven days. The trend lines clearly indicate the sharp fall in the price that occurred yesterday.
LTC was holding a support at $56.86 which was shattered, leading to the cryptocurrency falling to 28 days low of $51.41. At the same time, the MACD line and the signal line both moved parallelly until it crossed over at the next support break where LTC fell from $51.44 to $50.75.
The daily charts have shown a marked drop in the price of Litecoin where the cryptocurrency maintained the support at $50.49. The support value has hit its lowest denomination since the cryptocurrency price boom back in November 2017.
The Relative Strength Index [RSI] has indicated that Litecoin has reached very close to the oversold zone with some bullish trends in between. The cryptocurrency has indicated a pattern where it steadily moves towards the overbought zone but then comes crashing down to the oversold zone, which 0ccurs in tangent with the market crash.
The bearish market looks to be prevalent for some more time with some sporadic bullish spikes in between. The recovery time back to its earlier hold is speculated to take some time with the market reeling due to the bear’s wrath.
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