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Bitcoin plummeted over 22% over the weekend as a result of the latest event in China’s mining crackdown. Needless to say, most cryptocurrencies fell as well, and the volatility showed no signs of abating. Litecoin has dropped over 14 percent in the last 24 hours, followed by Chainlink, which has down 12.3 percent in the same time frame.
Bitcoin prices have been falling for the most of the last week. It had risen to about $41,500 on 14 June before dropping again. At the time of publication, BTC was trading in the red and was worth $31,600. Bears have been dominating for over a week and a half, and the coin has yet to begin its recovery trip on the 4-hour trade chart.
At the time of writing, Bitcoin’s market value had dropped by 3.3 percent, and BTC had dropped by 22.1 percent in 7 days. Since June 8, Bitcoin has been clinging to the $32,600 support level. However, as of press time, it has broken and dropped below that support level, falling to $31,600.
As the coin lingered at the 30-mark on the Relative Strength Index, the market saw an increase in selling pressure. The Awesome Oscillator produced conflicting indications, with primarily negative signals and a few positive trading sessions in the middle as prices rose and fell significantly during the last week.
In terms of price variations, the Bollinger Bands showed a widening of the bands, indicating that price volatility may be expected in the next trading sessions.
For the most part, the alt has seen lateral movement throughout the charts this month; but, the last few days have been difficult for LTC, as it has fallen below the $131-support level. LTC was trading at $120.62 at the time of writing, the lowest level since the May crypto-crash.
If the press time price of Litecoin remains stable, the currency may begin to experience some price adjustments. The Bollinger Bands had risen with a little divergence, indicating that there may be some market volatility.
On June 16, the MACD histogram indicated a bearish crossing, and the coin has subsequently moved with negative momentum. Litecoin also dropped below the oversold and undervalued zones, with selling outnumbering buyers by a wide margin, as the Relative Strength Index signal dipped below the 30-mark.
Over the last 48 hours, Chainlink has fallen below its critical support level of $19.2. LINK has remained above the $19.2-support level since its prices fell in May because to the crypto-crash. At the time of writing, LINK was trading at $17.04.
At the time of publication, the Bollinger Bands remained divergent, indicating increasing price volatility. As the alt’s price plummeted on 21 June, the Parabolic SAR signalling the start of a downtrend, which was still visible at the time of writing.
Finally, the appearance of several red bars on the histogram showed that negative momentum was overwhelming, according to the Awesome Oscillator.