Weekly Cryptocurrency Market Analysis: Altcoins Reach Bearish Exhaustion, Make Deeper Correction
Submitted by Anonymous (not verified) on Wed, 12/15/2021 - 14:20Cryptocurrencies have resumed selling pressure after the December 4 plunge.
Cryptocurrencies have resumed selling pressure after the December 4 plunge.
Litecoin (LTC) is in a downtrend and has fallen to the low of $142. Support at $142 has not been breached since September 28.
Not all cryptocurrencies are facing a decline amid the downtrend.
Polkadot (DOT) is in a downtrend as the price has reached the oversold region at $26.
Altcoins are falling due to a strong rejection at higher price levels.
On December 4, Bitcoin's crash affected the entire cryptocurrency market. Bears sold the recent recoveries in altcoins.
Cryptocurrencies' higher price levels attracted heavy selling pressure while altcoins resumed their rally.
On November 28, Litecoin (LTC) fell to a low of $182 as the bulls bought the dips.
If Bitcoin rises back above $54,000 support, it will have a positive impact on altcoins recovering from the November 26 breakdown.
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