Last Updated: October 12, 2023
• Litecoin (LTC) fell below the $90.00 level on Monday, as sentiment in cryptocurrency markets remained mostly bearish.
• Additionally, Solana (SOL) was another notable mover on Monday, as the token fell for a third consecutive day.
• The relative strength index (RSI) was one of the catalysts for this decline and failed to surge past a key resistance level at 55.00
Litecoin Falls Below $90
Litecoin (LTC) fell below the $90.00 level on Monday, as sentiment in cryptocurrency markets remained mostly bearish. The global market cap is down 1.87% at the time of writing, which seems to be a result of the upcoming Federal Reserve interest rate decision.
Relative Strength Index Analysis
Looking at the chart, Monday’s move came as the relative strength index (RSI) fell to a support level at 44.00. At the time of writing, this index is tracking at 44.80 with an upcoming ceiling of 50.00 a potential target for bulls should it be hit; then there is a strong possibility that LTC will move back above the $90.00 mark again soon.
In addition to litecoin, solana (SOL) was another notable mover on Monday too, as it dropped for a third consecutive day from its high of $23.93 on Sunday to reach its bottom price of $22.05 earlier in today’s session As previously mentioned, one factor driving this decline was due to its RSI failing to surge past its key resistance point at 55%. Currently, price strength is tracking at 48..58 with an immediate floor located around 45-50 being eyed by potential buyers in case they decide to enter into positions now or later during the week ahead
Bulls Look For Support
As traders await news from central banks across different countries in regards to their respective economic recoveries and policy decisions concerning interest rates and other matters such investors are likely looking for support levels before any further advances occur again soon within crypto markets overall and Litecoin specifically too
Overall sentiment in crypto markets remains mainly bearish currently despite some positive news emerging from some countries over lockdown restrictions easing gradually since last month with both Litecoin and Solana dropping by more than 8% each respectively so far during this week’s trading sessions so far