China May Restrict Electricity Supply To Crypto Miners – LTC/USD Trapped Below Resistance
Jan, 10th 14:51
The fear that China may restrict the electricity supply to cryptocurrency miners had a negative effect on the crypto street. Major cryptocurrencies which were in the red over the last 24-hours. Dogecoin, IOTA, Cardano, Ethereum Classic, Litecoin, Dash and Bitcoin Cash were all trading in the red. Bitcoin fell about 6 percent in the last 24-hours and Ripple plunged about 20 percent.
Litecoin has been struggling below key resistance levels ever since Charlie Lee, Litecoin’s founder, announced that he had sold all of his own LTC to avoid any conflicts of interest.
Litecoin was down by 4.83% to 238.71. LTCUSD appears to be trapped below the 50% Fibonacci retracement level at 228 (move from 84.78 to 371).
Litecoin currently stands at the seventh position in terms of cryptocurrency market cap. It is trailing behind Bitcoin, Ethereum, Ripple, Bitcoin Cash, Cardano, and NEM.
On the technical charts, LTC/USD is trading in the negative zone. The price action has made lower lows and lower highs on the daily charts.The RSI is nicely placed below 50 at 48.56. The MACD is below the signal line indicating a downtrend.
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