The bearish market sentiment was reflected by Litecoin[1] and IOTA[2] as they dropped strongly beneath support over the past 24 hours. Synthetix[3] has not seen much buying volume over the past few weeks and could see a deeper correction.
Litecoin [LTC]
Source: LTC/USD[4] on TradingView
LTC saw the $80 support lose its footing decisively over the past 24 hours and bears pushed the price as low as $72.15 before bulls could mount a small counter-attack.
The region in the vicinity of $73.8 has been a liquidity pocket in recent weeks, and LTC could effect a bounce upward off this zone.
RSI dipped into the oversold region and showed a value of 29, and could fall lower alongside LTC. This does not mean a bounce is imminent or necessary for LTC, but there is a possibility for a bounce.
Momentum remains strongly in favor of the bulls.
IOTA
source: IOTA/USD[5] on TradingView
IOTA closed beneath the rectangle pattern, and retested the lower boundary as resistance, and proceeded to descend steadily toward support at $0.288 level of support over the past few trading sessions.
The width of the rectangle is the expected target for a breakout in either direction and this measurement fits very well with the recent losses IOTA suffered.
Stochastic RSI was oversold and, with IOTA at a level of support, a bounce can be expected. The zone at $0.3 could be a good entry for a short position.
Synthetix [SNX]
Source: SNX/USDT[6] on TradingView
50 SMA (yellow) and the horizontal level of support at $5 were in close proximity for the past couple of days for SNX. This confluence, alongside $5 as a psychological level, means that a drop beneath this
