The sideways movement of the cryptocurrency market that has been persistent for quite some time got wrecked yesterday, October 29, after the bear grappled the prices to the ground. Major cryptocurrencies like Bitcoin [BTC], XRP and Litecoin [LTC] all buckled under the weight of the bear, resulting in a price support break of a lot of coins.
The one-hour Litecoin [LTC] graph clearly shows the coin free-falling from $51.37 to $48.15. The LTC support was broken to $48.11, while the resistance maintained at $53.91.
The Awesome Oscillator points to a massive market momentum change, with the cryptocurrency’s fall resulting in the creation of a bearish momentum. The notable change over the time period is the polar difference in momentum, shifting from a molehill to a mountain.
The Chaikin Money Flow indicator indicates Litecoin slowing edging towards the bullish realm after crashing o the bottom of the bear zone. The graph is a sign that the money is coming into the market which can be attributed to the change in the investor sentiments.
The Litecoin one-day graph indicates the support at $48.54, with the cryptocurrency sliding on a downtrend. The trend line shows the cryptocurrency falling from $55.84 to $48.84.
The Parabolic SAR is predominantly bearish, with most of the markers currently hovering above the price candles.
The Relative Strength Index [RSI] graph of LTC has slowly bounced back from the throes of the oversold zone, a sign of the selling pressure being much greater than the buying pressure.
The MACD graph is moving in the same tangent after suffering multiple crossovers. The lines are almost moving in a parallel line which is indicative of a sideways price movement for the time being.
The utter destruction of the price support is a clear sign of the bear’s hold. A majority of the indicators mentioned above point to a continued bearish run interspersed with sporadic bullish runs.