Litecoin is apparently missing the cryptocurrency boom fueled by bitcoin and Facebook’s new Libra Project.
While many other major altcoins have been gaining in the industry, the fifth largest asset with a market capitalization of $8.1 billion has lost more than 4% of its value in the previous 24 hours.
It is now trading at $129.23 as of press time. The coin peaked at $146.60 on June 22 and has been pursuing a downward trajectory amid the broader technical correction with the rest of the market.
On the technical side, Litecoin’s move lower than the psychologically important $135.00 level boosted the selling pressure and dragged the price below $130.00.
As expected, such movements exacerbated the technical overview. The altcoin is looking at the next support at $125.00, which is an intraday low, and $123.20.
A sustainable move under this level will pave the way to the next bearish aim of $120.00 and pare back the recent upward movement.
On the other hand, the recovery in the prices is limited by $135.20, followed by $136.70 resistance levels based on 50-day simple moving averages on a 4-hour chart. If the price clears that level, the upside may go on towards the psychologically important $140.00, followed by the recent peak of $146.00.
As for other altcoins, Bitcoin Cash ABC lost 0.63%, ending the day at $474.23 after partially paring a 1.52% gain from Monday.
The original bitcoin, meanwhile, gained for the 8th straight session and extended the year’s longest rally after seemingly letting up on Wednesday.
Since the low of close to $3000 last December, bitcoin had gained more than 340 %.
This marks a huge turnaround for the cryptocurrency since the “bitcoin crash” of 2018, in which its value plummeted by as much as 70% from its 2017 record high.
Meanwhile, Ripple, which is the company behind the third biggest digital asset XRP, announced its partnership with Coinfirm.
Coinfirm is a startup that creates technological solutions to help crypto companies guarantee compliance with the requirements of regulatory bodies.
XRPUSD traded at $0.45670. It was 2% lower on a day-over-day basis, mostly unchanged since the start of the day’s trading.
As for Ethereum, news appeared and said that Swiss security token firm BlockState plans to “passport” half a dozen ERC-20 tokens from Ethereum, which is the second largest public blockchain, to Corda, which is the private distributed ledger tech platform by R3.