Biggest Movers: LTC, ATOM Extend Declines, Hitting 10-Day Lows
Litecoin fell for a third consecutive session on Thursday, as the token continued to move away from recent highs. Cryptocurrencies have been mostly lower in recent days, as traders continue to fear a global recession. Cosmos also remained in the red during today’s session. Litecoin (LTC)
Litecoin (LTC) dropped to a ten-day low on Thursday, with the token falling for a third straight session.
Following a high of $79.20 on Wednesday, LTC/USD moved to a low of $74.82 earlier in the day’s session.
As a result of this, the token fell to its lowest point since November 29, when prices hit a bottom of $73.39. LTC/USD – Daily Chart
Looking at the chart, it appears that litecoin bears are hoping to push prices towards a floor at $73.00.
This seems a possibility, especially with the 14-day relative strength index (RSI) fast approaching a floor of its own.
The index is currently tracking at 57.10, and seems to be moving towards a support point of 53.00. Cosmos (ATOM)
Another notable token on Thursday has been cosmos (ATOM), which fell to a ten-day low earlier in the day.
ATOM/USD fell to a bottom of $9.52 on Thursday, before bulls reentered the market and bought the recent dip.
Today’s bottom saw cosmos trade at its lowest level since November 28, which was the last time the token hit its floor at $9.45. ATOM/USD – Daily Chart
As of writing, ATOM has mostly rebounded, and is currently trading at the $9.71 level.
In addition to this, the RSI has bounced from a floor of its own at 39.50, and is currently tracking at 41.40.
Should momentum continue in an upward direction, ATOM bulls will likely target a move above the $10.00 mark.
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Do you expect cosmos to move above $10.00 this week? Let us know your thoughts in the comments. Eliman Dambell
Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX. Bitcoin, Ethereum Technical Analysis: BTC Nears 10-Day Low, as Bears Regain Market Sentiment MARKET UPDATES | 9 hours ago Biggest Movers: DOGE, LINK Fall to 10-Day Lows on Wednesday MARKET UPDATES | 1 day ago
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