The market for cryptocurrency has taken a downturn again. Almost all the coins are losing their values significantly without any sign of recovery. The status of more than 1500 coins in over 9000 markets cap be found out by visiting Coinrate.
Litecoin is badly hit by the current plunge in the market. The steep depreciation of 6 percent on the daily chart resulted in a weekly loss of more than 9.6 percent. Despite the loss, it is still the fifth largest coin in the market with a market capitalization of $10.9 billion. The coin has registered trading volume of $648 million, which is more than average it normally registers.
On the weekly chart, Litecoin had a rollercoaster ride. The coin was trying to maintain an upward pace, but the resistance between $214 and $218 checked the coin from gaining any further. However, multiple support was also present at $200, $205 and $206.
After achieving $215, the coin took a downturn and the previous support levels were not strong enough to hold the value. The 48-hour-long bearish momentum had led the coin to go down from $215 to $192, thus depreciating 10.6 percent. There is no sign of any support on the daily chart, and the coin is still in a free fall.
With the continuing bearish momentum, the technical indicators are also signaling downward movement. Stoch and RSI both are going down; RSI has even breached the overselling mark being at 28 percent. MACD is also showing bearish signals. 100 SMA is running below 200 SMA, indicating the dominance of the bearish trend.
One of the leading losers in the recent bearish market is EOS. It lost 19 percent on the weekly chart, which was fueled by the whopping 10 percent loss on the 24-hour chart. The token holds more than $5.1 billion as market capitalization.
EOS maintained the bear throughout the weekly chart, but it was mostly momentary until the take over in the last 48 hours. Multiple resistances at $8.5 and $8.2, pushed the price down forcing it to lose its value. Support at $7.9 and $7.7 tried to hold the value and also acted a pivot. However, as the bear took over the market recently, EOS could resist itself to follow another coin to plunge. The coin depreciated by 14.8 percent on the weekly chart as it went down from $8.2 to the current trading value of $6.9.
All technical indicators are telling a similar narrative because of the dominating bear. The oscillators – Stoch and RSI – has taken a dive and are now hovering below the overselling mark. Currently, the value of RSI is at 22 percent. MACD and ADX are also showing bearish signals.
China is no stranger when it comes to cryptocurrency regulation. After clamping down on ICOs and announcing a ban on foreign crypto exchanges, crypto’s future in China appeared rather bleak. However, that might change soon. In a gathering of China’s top legislative bodies this week, one of the members of China’s top political advisory board proposed the launch of a national cryptocurrency exchange.
The Supreme Court of Russia has taken upon itself the responsibility to decide a case that may become a precedent for the crypto sector. The highest judicial authority in the country has accepted an appeal against the blocking of a popular Russian analytical portal – Bitcoininfo.ru. Its decision will affect dozens of crypto websites with restricted access, including foreign platforms like Localbitcoins.com.
Whichever direction the market goes, as a trader, there are always options to hoard profits. Considering the dominating bear in the market, it might be a good time to put some short-sell options, which is available in IQ Options.Trade crypto here
NOTE: This article is not an investment advice. Any references to historical price movements or levels is informational and based on external analysis and we do not warranty that any such movements or levels are likely to reoccur in the future.
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