Litecoin once again fell below $ 180, a level of significant importance from the start of the month. Since Bitcoin has room to fall, the altcoin market is likely to slide alongside it. Finally, NEM and IOTA fell below old support levels as selling pressure increased on the charts.
Litecoin [LTC]
Source: LTC / USD on TradingView
Litecoin was unable to stay above $ 192, with the cryptocurrency falling below the $ 180 mark that LTC bulls worked throughout January to exceed.
The next levels of importance were $ 163, $ 149, $ 135 and $ 123 as support. A move this far south didn’t seem to be on the cards, but a test of the $ 149 level was a real possibility.
The RSI fell below 50 to indicate bearish momentum was on the rise. A rebound of close to $ 163 may push the crypto towards the $ 170- $ 175 region, before experiencing further selling pressure.
NO [XEM]
Source: SEE / USD on TradingView
The highlighted region at $ 0.5 represented strong demand for XEM over the past week. the bulls defend it valiantly. However, the losses in the last few hours were too great and the bulls were forced to withdraw.
The Directional movement index showed a strong downtrend in progress. While Chaikin Money Flow was moving below -0.05 to show a net flow of capital out of the market.
The next area of importance was the region of $ 0.42 to $ 0.44 as possible support.
IOTA
Source: IOTA / USD on TradingView
The drop from $ 1.55 to $ 1.07 at time of publication. It represented a 34% drop for IOTA in one week. This follows the loss in value of BTC, with the rest of the altcoin market falling as well.
Significant levels of support for IOTA stood at $ 0.97 and $ 0.79. While the $ 1.08 level saw strong momentum behind a bearish breakthrough of the candle on the downside.
The momentum seemed to be strongly in favor of bears and the MACD. We can expect trading volume on all rebounds to be light.
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