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Altcoins have struggled as a result of Bitcoin and Ethereum’s minor southward movements, as they have continued to defend their immediate support levels in order to avoid further retracement. Litecoin was still holding onto the critical support level, while Monero was seen trading above its resistance level. DASH also fell, breaching its $149 support level.
Over the last few days, LTC has maintained a strong hold on its $137 support level. At the time of publication, the coin was worth slightly more than $137. LTC lost 4.00 percent of its value overnight; if it falls any further, the next support region awaits at $128.
The technical analysis indicates that the coin will continue to fall, as the Relative Strength Index remained well above the centerline. However, the coin has recently entered the bearish zone.
MACD also showed rising red bars on the histogram, confirming this. Chaikin Money Flow remained above the midline, indicating that capital inflows outweighed capital outflows.
Despite XMR’s drop in response to the broader market’s movement, the coin is still trading above $230, having been priced at $232.
If it breaks through its support level of $230, it could fall as low as $215. The Awesome Oscillator showed a strengthening of red signal bars, suggesting that bearish pressure is on the rise.
At press time, the Relative Strength Index had fallen below the midpoint and entered the bearish zone, while Chaikin Money Flow showed that capital outflows had surpassed inflows.
DASH recovered after reaching a critical resistance level of $170. At press time, the coin was trading at $155 per coin, just a few cents higher than its support level of $149. If it falls below $149, the next level is $131.
On the plus side, if the coin recovers from its current low, it may retest $170.
DASH has dropped by 3.7 percent in the last 24 hours.
Its technical outlook suggested that a further decline was possible, as the Awesome Oscillator reading indicated increased bearish force.
Relative Strength Index painted the same image as it registered a dip below the centerline. Bollinger Bands remained parallel with some divergence implying high fluctuations might not be in play.