HomeTradingLitecoin, the price of the crypto goes down

Litecoin, the price of the crypto goes down

On a day with prevalence of positive signs, among the top 10 crypto per market cap only the price of litecoin (LTC) goes down, continuing to lose ground by about 2% and breaking the threshold of 62 dollars, which coincides with the levels of resistance that characterised the rise of the beginning of the year and that had kicked off the strong rally in June, driving the price of LTC to exceed 145 dollars. 

litecoin price crypto
Source: https://coin360.com/

A dangerous change of pace for the price of litecoin that in two months cancels all the climb that had characterised it in spring. 

Among the best crypto of the day emerges Dragon Coins (DRG) that, with a rise of more than 25%, enters for the first time among the top 100 cryptocurrencies listed on CoinMarketCap, reaching above 10 cents and exceeding 36 million of capitalisation.

With today’s rise of over 16%, Egretia (EGT) tries to reverse the downward trend that has characterised it throughout the month of August. Egretia (EGT) has a very ambitious project and, despite its short life, occupies the 53rd position with a market capitalisation of over 100 million dollars.

litecoin price crypto
Chart by Trading View

On the other hand, the worst of the day is Golem (GNT), which loses 8% and cancels out the rise that was recorded yesterday. Among the significant downward movements, there is Monero (XMR) who returns below 70 dollars, losing 3% today. The same loss for Algorand (ALGO), which in the last hours marks the absolute minimums.

Despite the increases of the day, the total capitalisation reacts weakly, recovering little more than 3 billion of capitalisation and reaching $249 billion. 

Bitcoin stands out, rising above 69.1% of dominance. Ethereum, despite being able to stay above par today, still slips below 7.4%. Ripple at 4.4% of dominance remains stable at the levels of the last 10 days.

litecoin price crypto
Bitcoin Chart by TradingView

The price of bitcoin (BTC)

The sinking of the last 24 hours pushed prices just below the threshold of $9,450, recording an activity of coverings that bring the levels to $9,600. 

This shows that the $9,500 threshold, in addition to having already been tested in the last days of July, is a rather decisive key level. 

The breaking of the psychological threshold and of the level where, until two days ago, the bullish trendline that was supporting the trend started in mid-June was passing, caused an explosion in volumes, which in recent hours have recorded daily trades above the monthly average

Over the weekend, it is necessary for bitcoin to keep the lows of these hours, whereas a positive signal would be a return to 9,800 dollars, former support that now becomes a very important technical level of resistance from a monthly point of view.

litecoin price crypto
Ethereum Chart by TradingView

The price of ethereum (ETH)

The sinking of the last hours highlights a decidedly bearish trend for Ethereum, which began at the end of June and which at the moment does not seem to want to give signs of an upward turn.

The push under the bullish trendline that supported the movement since last December triggers a first wake-up call in the long run.

For ethereum, it is important not to go below 155 dollars, a decisive level in the long term.

Moreover, it is necessary to recover the levels of resistance in the next few days. The closest is at $185 and subsequently set and channel the rise to $200, which is a technical and psychological threshold.

Federico Izzi
Federico Izzi
Financial analyst and independent #trader – S.I.A.T. & Assob.it partner. He operates actively on stock and derivatives markets (futures and options) since 1997. A precursor of cyclic-volumetric analysis he is known for having identified the most important upward and downward movements in the financial markets of recent years. He participates annually as a speaker at the ITForum in Rimini since the 2010 edition and InvestingRoma and Napoli since the first edition of 2015. He is a guest and market expert on the "Trading Room" and "Market Driver" broadcasts of Class CNBC, Borsa Diretta.tv and on the evening news of Traderlink. Since July 2017 he is a permanent guest on LeFonti.TV, the only weekly national space dedicated to cryptocurrencies alongside the most important international experts in the field. He was interviewed as a cryptocurrency expert for Forbes Italia, Panorama, StartupItalia and DonnaModerna. He was recognized as the first Italian technical analyst to have published the first secular cyclic analysis on Bitcoin. Periodically publishes articles on ITForum News, Sole24Ore, MILANOFINANZA, TrendOnLine and Wall Street Italy. Federico Izzi is... "Zio Romolo".