At the time of writing, LTC/USD is changing hands at $62.83. The coin has been sliding down after a strong collapse below critical $70.00 on August 28. While the sell-off has slowed down, LTC/USD continues moving within a clear bearish trend. LTC/USD has lost 1.5% of its value since the beginning of the day and over 5% on a day-on-day basis.
Litecoin is now the sixth-largest digital asset with the current market value of $3.9 billion and an average daily trading volume of $3 billion. The coin yielded the fifth place in the global cryptocurrency rating to Tether.
Ripple bulls are taking a breather from the selling on Wednesday and Thursday. Cryptocurrencies led by Bitcoin dumped significantly after failing to break above key psychological levels. Ripple, for example, attempted to break above $0.28 but failed. The declines that swept across the market, overwhelmed various key support levels at $0.27, and $0.25.
As expected the major support at $0.24 came in the rescue of the buyers who would have been paralyzed on hitting levels close to $0.20. Recovery from the support stepped above $0.26 but the steam fizzled out short of $0.27 hurdle.
The double-cross of the 50 SMA above the longer-term 100 SMA just gave Bitcoin a breathtaking boost above the resistance at $9,500. Bitcoin is teetering at $9,523 at the time of press. The immediate upside is capped at $9,600; the level that will determine the next direction for Bitcoin price. If BTC manages to correct above $9,600 we can expect a second leg above $9,800. However, a reversal short of $9,600 will demoralize the buyers resulting in a correction towards $9,300.
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