LTC Value Decrease
8th December 2022’s trading sessions came hard at Litecoin (LTC) as the coin failed in showing resistance in the three sessions. Resultantly, LTC’s value kept declining throughout Thursday’s sessions and fell as low as $74.82.
Value decline was rather surprising as a day earlier LTC managed to raise its value above a 6-month high of US$79.20.
LTC also moved into the bottom on Thursday, when its value dropped to the range of $73.39. After losing the value, LTC was forced to rest at a price that it had last seen on 29th November.
However, last-minute value gains allowed LTC to go ahead of the bottom and end Thursday’s trading sessions at $74.82.
LTC’s performance graph suggests that bears are existing. In their next move, bears would try to push LTC beneath the price range of $73.00.
This scenario could take place soon predominantly when LTC’s 14-day relative strength index (RSI) is sharply moving toward the floor.
Current tracking in the RSI is at 57.10 and gradually edging down towards 53.00 with no signs of moving away.
The downside movement of the RSI is a clear indication that it is moving in favor of the bears. With the RSI in the lower territory, the bears will gain the confidence of going for stronger selling rallies.
This would help the bears tremendously as they will be able to drag down the trading price of LTC to a much higher level than at present.
If the RSI falls below the mid-line, it could prove to be an extremely bearish scenario for LTC. This would result in pulling the price of LTC to a much lower level than $70.
Possible Cause of Decline
A day earlier, LTC was put into the league of crypto economy movers as it earned back-to-back value gains on Wednesday. Resultantly, boosted LTC was targeting going back to the 5th December’s price range of $83.49.
One of the major causes, why LTC could not keep up with the momentum, was the massive liquidation of positions by investors.
When LTC’s price became $83.49, since then investors took it as an opportunity to immediately liquidate their positions. Investors were perhaps eyeing short-term gains instead of keeping the coins for a long-term basis.
Resultantly, the LTC rally failed to accelerate from $83.49 and in the process started to lose value after Wednesday.
Cosmos (ATOM) Hit 10-Day Bottom
Cosmos (ATOM) was also amongst those who lost their values and went to the bottom.
Currently, ATOM has been trading at a price range of $9.52. ATOM, however, fell below its 10-day low and in the process accelerated the bulls. In return, bulls have sparked overwhelming interest in buying the dip.
Thereafter, the value was edging towards 28th November’s low of $9.45, however, in an hour’s time, the value started to resurge.
The resurge not only helped ATOM to conquer the 10-day low but also rose it to go past the price range of $9.80. It is expected that the value would increase further by at least 2.13% in today’s remaining sessions.
ATOM’s existing RSI index tracking is ahead of the floor of 39.50 and moving upwards after bypassing the 41.40 points.
Bulls are in action for ATOM and they would sure try to increase the value either above or in the range of $10.00.
Bitcoin Surpassed $17K
In the meanwhile, Bitcoin has been able to move beyond $17K, thanks to its past seven-day trading volume.
A day earlier, Bitcoin saw its falling below $17K and there were a lot of negative sentiments against Bitcoin.
Against all odds, Bitcoin’s weekly trade volume was piling up and had reached a whooping level of $14 Billion.
Similarly, the impetus was landed to the Bitcoin economy by the coin’s prominent miner i.e. Marathon Digital Holdings. In the stock markets, the shares of Marathon Digital Holdings saw a value surge by at least 0.37% i.e. up to $5.39.