As the bearish streak continually prevailed, the bulls struggled to maintain the perceived value of their cryptocurrencies. Consequently, altcoins such as Litecoin, Ethereum Classic, and VeChain touched their monthly minimums during the last two days.
Short-term technical indications reflected the bearish trajectory as they showed superior selling power.
Following the market trend, LTC rallied in the ascending channel (parallel, white) throughout October and early November. This rally propelled price action to break the ascending channel and touch its 25-week high on November 10.
Since then, the LTC bulls have struggled to turn the tide in their favor. After losing more than a third of their value, the bulls triggered a 7.7% rally on Nov. 21, but were unable to sustain the sell-off.
During the past week, the alt registered a 16.4% decline and continued its decline between the descending channel (parallel, yellow). With this decline, it hit its one-month low on November 27. If the bulls fail to build strength, the sellers will attempt to push the price below the $ 167 mark (immediate support).
At press time, LTC was trading at $ 188.9. the RSI He failed to cross even the 38 mark in the past two days. Also, bearish readings in the DMI and MACD affirmed the weak RSI signals.
Ethereum Classic (ETC)
For nearly three months, ETC traversed the $ 44 and $ 60 mark. The alt grew 39.6% (since Oct. 27) to hit its 10-week high on Nov. 9.
As the trend turned, the bulls lost their lead when price declined in a descending channel (parallel, white). Also, the price action formed a descending triangle (green), visibly showing a powerful bearish influence.
After 10.42% breakdown of the descending triangle On November 25, the bulls could not hold the upper hand. Therefore, the price fell more than 15% over the next few days to hit its one-month low on November 26. The bulls will need further momentum to break the $ 51.5 mark (immediate resistance).
At press time, ETC was trading at $ 46.13. the RSI he stood below the half line and leaned in favor of the bears. Too, AO and DMI they continue to show a bearish bias. However, for the past four months, the bulls have secured support at the $ 44.7 mark.
Like Litecoin, VET enjoyed a rally in October that lasted until early November. After doubling in value during October and hitting its six-month high on November 9, VET marked a poor November.
The alt witnessed a sharp pullback as the price has dropped 41.17% since then. As prices fell into a descending channel (parallel, yellow), FP reached its six-week low November 27.
At press time, VET was trading at $ 0.11108. the RSI struggled to touch the midline while remaining weak at the 35 mark. Furthermore, the DMI He preferred bears along with a strong directional trend. Finally, the AO confirmed the previous conclusions.
This is a machine translation of our English version.