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Litecoin [LTC] records significant selling activity as its price slumps below $200

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The bears were prolonging their stay in the crypto market. Litecoin [LTC], Ethereum [ETH], XRP, and several other coins were recording a price drop of over 10% over the last 24-hours. Bitcoin [BTC] didn’t stand strong either as it plummeted just like all the altcoins. While BTC had been hovering between $37K and $40K over the last couple of days, the king coin finally lost support and dipped down to $36K, during press time.

Despite being one of the earliest crypto coins, Litecoin [LTC] had slipped down in terms of crypto ranking. The altcoin ended up in the fourteenth position as its market cap slumped to $11.71 billion. LTC was overshadowed by an array of new coins like Uniswap [UNI], Internet Computer [ICP], and even Chainlink [LINK].

At the time of writing, LTC was trading for $174.88 with an 11.01% drop in the last 24-hours. The altcoin managed to surge up to a high of $412, just a couple of days ago. This soar left several LTC traders rooting for the coin to hit $500.

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Litecoin [LTC] one-hour price chart on Binance

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The short-term price chart of LTC noted bears in its market. The MACD indicator went from harboring the bulls to bears in a couple of hours. Earlier today, the MACD line slipped below the signal line forming a bearish crossover. The distance between the lines revealed that the altcoin would persist in the ongoing trend for a while. The Klinger Oscillator followed the footsteps of the MACD indicator.

The Money Flow Index indicator announced that LTC was being oversold.

Litecoin [LTC] one-day price chart on Binance

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The one-day price chart of LTC exerted a similar notion. The Parabolic SAR indicator restricted the chances of an uptrend with the formation of dotted lines over the candlesticks. The Chaikin Money Flow indicator remained in the bearish zone. The selling activity in the LTC market preceded the buying activity, the Relative Strength Index indicator affirmed.

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