Litecoin (LTC)
In today’s session, Litecoin (LTC) experienced a significant drop of 5%. The token reached a peak of $67.41 on Thursday but fell to a low of $63.49 earlier today. This caused Litecoin to break below the support point at $63.50, and the bulls were unable to prevent this breakout.
- The price decline is accompanied by a retreat of the 14-day relative strength index (RSI) to a support point of 30.00.
- Although the price strength is overbought, this could be a positive sign for long-term bulls who want to take advantage of the current dip.
- Currently, the RSI stands at 29.62, and Litecoin is valued at $63.31.
Bitcoin Cash (BCH)
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Bitcoin Cash (BCH) also experienced a downward trend today, with a price drop of over 5%. BCH/USD reached an intraday low of $204.28 on Friday after a three-day losing streak. This drop followed a peak at $219.46 on Thursday, just shy of the $225.00 ceiling that bulls failed to break earlier in the week.
- Sentiment has now shifted to bearish, with sellers hoping to reach a target of $190.00.
- To achieve this, sellers need to push the RSI from its current level of 46.81 to the next visible floor at 39.00.
Hot Take: Both Litecoin (LTC) and Bitcoin Cash (BCH) experienced significant drops in their prices today. While the decline in LTC could be seen as an opportunity for long-term bulls, BCH faces a more bearish sentiment with a target price of $190.00. It remains to be seen how these cryptocurrencies will perform in the coming days.
