Litecoin fell below the $90.00 level on Monday, as sentiment in cryptocurrency markets remained mostly bearish. The global market cap is down 1.87% at the time of writing, which seems to be a result of the upcoming Federal Reserve interest rate decision. Solana was also in the red today.
LTC)
LTC) was down for a second straight session on Monday, as markets prepared for the upcoming United States Federal Reserve policy decision.
LTC/USD dropped to low at $86.83 earlier in today’s session, which comes 24 hours after trading at a high of $91.39.
Today’s drop in price has pushed litecoin to its weakest point since last Wednesday, when the token was at a low of $84.21.
Looking at the chart, Monday’s move came as the relative strength index (RSI) fell to a support level at 44.00.
At the time of writing, the index is tracking at 44.80, with an upcoming ceiling of 50.00 a potential target for bulls.
Should this point be hit, there is a strong possibility that LTC will move back above the $90.00 mark.
Solana (SOL)
In addition to litecoin, solana (SOL) was another notable mover on Monday, as the token fell for a third consecutive day.
Following a high of $23.93 on Sunday, SOL/USD slipped to a bottom of $22.05 earlier in the day.
This bearish spell started after bulls were unable to force a breakout beyond a ceiling at the $24.00 mark.
One of the catalysts for this was the RSI, which also failed to surge past a key resistance level at 55.00
As of writing, price strength is tracking at 48.58, with the next visible floor at the 45.00 zone.
Weekly Technical Analysis Report
Will solana fall below $20.00 this week? Let us know your thoughts in the comments.
Eliman Dambell
Eliman was previously a director of a London-based brokerage, whilst also an online trading educator. Currently, he commentates on various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.
