Seven of the top 10 cryptocurrencies were trading lower at 9.45 am IST. Apart from Bitcoin, Solarium shed 2 percent while Moles won 3 percent.
The global crypto market capitalization dropped by more than one percent to a $ 2.58 trillion mark compared to last day. However, the total volume of the cryptocurrency market soared more than 17 percent to $ 114.51 billion.
The price of Bitcoin has remained relatively in range during the last few trading sessions, as any signs of profit taking have been met with a sharp drop in buying, CoinDCX research team.
"Altcoins that could potentially be in play include Cardano, which hasn't seen much price action for a month despite ongoing increases in Layer-1 tokens, as well as AAVE, which remains relatively undervalued," he added .
ZebPay Trade Desk Technical View
Litecoin (LTC) has done quite well for the last week. The asset has risen about 10% over the past week and is currently trading at $ 200 levels. LTC has a market capitalization of $ 13.8 billion and is ranked 16th.
LTC is designed to provide fast, secure, and low-cost payments by taking advantage of the unique properties of blockchain technology. With a lock time of only 2.5 minutes and extremely low transaction fees, LTC is best suited for micro transactions and payments at the point of sale.
LTC has been trading in an uptrend and last week the bulls pushed the price above the psychological level of $ 200 and hit the high of $ 214.65. Assets were up almost 53.5% in one month. However, LTC faced stiff resistance at $ 215.7 (78.6% of the Fibonacci retracement level) and corrected by almost 11%.
The asset took support at the ascending trend line and the 20-day moving average and began to consolidate in the $ 190 to $ 200 range. If the price holds the support, the bulls can resume the upward movement. If the price breaks the support, then we can expect a further drop and prices may slide to the next support level of $ 165.
Higher levels
Support: $ 185, $ 165
Resistance: $ 215, $ 236
(The time is in UTC and the daily time frame is 12:00 am to 12:00 pm UTC)
(Opinions and recommendations provided in this section are those of analysts and do not represent those of ETMarkets.com. Please consult your financial advisor before taking a position in the assets listed).
