Price Declines For Litecoin and Dash, Will They Find Support Soon? [Price Analysis]
Litecoin recorded the largest reversal last week among top cryptocurrencies.
Tradeblock, a platform which provides trading tools and pricing indices for institutions, reported Litecoin recording a loss of 13.72% last week.
The significant price increase of two weeks ago failed to overcome the important psychological $100 level and the price has since retraced over 20% from this point.
The price has dropped to test an important level at $75.
This is an important level on the monthly chart and provided significant resistance during strong price increases in August of 2017.
This level also acted as a point of support during drops in June and July of 2018 and seems to be now acting as a significant support level again.
The majority of the price decreases from last week took place on Thursday, a day when steep losses were recorded across the cryptocurrency market.
The price has since tested the $75 level three times, increasing the likelihood that it can break below.
Each consecutive test of a support level leads to fewer buyers to hold the level, increasing the odds of a break below.
Momentum has also been shifting towards the sellers with both the daily RSI and MACD declining.
The price increases recorded in Dash from two weeks ago met resistance at $140.
This level was the point where the price underwent a significant increase in August of 2018 and also acted briefly as a resistance point once the price fell below the level in November.
Once the price of Dash overcame resistance at $90 in mid-March, the price rose very quickly to $140 meeting little resistance on the way.
This indicates that if the price begins to drop again, it may meet little support on its downward trajectory.
Similarly to Litecoin, Dash recorded a decline in price last week.
While most cryptocurrencies recorded significant drops on Thursday, Dash had a volatile day of trading on Wednesday recording a daily candle with a long lower wick.
It followed up on Thursday with a significant drop and has since been consolidating.
The consolidation increases the likelihood that another drop will follow showing that the price is comfortable trading at these lower valuations and buyers are not pushing price higher to the valuations seen early last week.
- Litecoin is the biggest loser among top cryptocurrencies during trading last week after recording a 13.72% decline.
- The price of Litecoin failed to overcome an important psychological point at $100 and has since fallen to an important longer-term level at $75.
- Dash also dropped last week and is now undergoing a consolidation increasing the odds of a follow-up drop.
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