Litecoin dropped like a dead weight in the air after a bearish wave destabilized the majority of the top 100 cryptocurrencies. In tandem with Bitcoin which plunged under $9,500, Litecoin smashed through the $70 like an explosive device in the mines.
Prior to the dropped, there was a sideways consolidation move above $70. Moreover, the price remained pivotal at both the 50 Simple Moving Average and the 100 SMA in the one-hour range. Similarly, upward movements had been capped under $76 leaving $70 vulnerable to declines.
Bitcoin Cash has been dancing at the edge of a cliff since the beginning of the week. The failure to rise above $325 resistance last week cast a spell on several support areas rendering them ineffective. The support at $320 did little to stop the drop below the 100 Simple Moving Average and the 50 SMA. The rejuvenated bulls forced Bitcoin on the key support at $310 resulting in a sharp drop below $300.
While the sharp drop thrust BCH below $290 support, the next support target at $280 appears to be holding ground. The price is flirting with $281 at press time, although the trend has a southward inclination.
Ripple’s performance has not been impressive in the past couple of months. The bear pressure continues to turn support levels in impenetrable fortresses. The recent dive to levels close to $0.24 almost paralyzed the bulls. While shallow recovery movements put smiles on investors’ faces, the celebration was short-lived with the former support at $0.28 barricading movements towards $0.30.
To make matters worse, the largely unprotected downside has allowed another bull battering with XRP exploring levels marginally above $0.2450. A staged recovery from the intraday low lost steam short of $0.26. XRP/USD changing hands at $0.2520 following a 1.57% loss on the day.