Miguel Lopez Litecoin experienced a 5% decline during Friday’s trading session in response to the latest nonfarm payrolls data released by the United States. The economy added 187,000 jobs in August, an increase from the adjusted figure of 157,000 jobs in July. Bitcoin Cash followed a similar downward trajectory, exacerbating its recent downturn.
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Litecoin (LTC)
Litecoin (LTC) was a prominent actor in the market today, witnessing a 5% decline in its value on Friday.
After reaching a high point of $67.41 on the previous day, the LTC/USD trading pair plummeted to an intraday nadir of $63.49 earlier today.
This decline led Litecoin to fall beneath a previously established support level at $63.50, a point the bulls were unsuccessful in defending.
LTC/USD – Daily Trading Analysis
The slump occurs as the 14-day Relative Strength Index (RSI) retracted to its own support threshold of 30.00.
While the asset appears to be generally overbought, this could potentially bode well for long-term investors who may view the current downturn as a buying opportunity.
At the time of this writing, the index stands at 29.62, while LTC is priced at $63.31.
Bitcoin Cash (BCH)
Bitcoin Cash (BCH) also registered a decline, with its value experiencing a 5% reduction earlier today.
In the wake of a recent three-day downward trend, the BCH/USD pair touched an intraday low of $204.28 this Friday.
This follows a peak on Thursday at $219.46, a value closely approaching a resistance level of $225.00, which bullish investors failed to breach earlier in the week.
BCH/USD – Daily Trading Analysis
With market sentiment apparently turning bearish, a target price of $190.00 is now where sellers are aiming to make their exit.
To reach this level, they would need to drive the current RSI from its present 46.81 down to the next discernable support level at 39.00.
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Do you expect Bitcoin Cash to make a recovery in the upcoming weekend? Share your perspectives in the comments section.
Frequently Asked Questions (FAQs) about Cryptocurrency Decline Following U.S. Nonfarm Payrolls Report
What cryptocurrencies are the focus of this article?
The article focuses on the decline of Litecoin (LTC) and Bitcoin Cash (BCH) following the release of the U.S. nonfarm payrolls report for August.
Why did Litecoin and Bitcoin Cash experience a decline?
Both cryptocurrencies experienced a 5% decline due to market reactions following the U.S. nonfarm payrolls report, which showed that 187,000 jobs were added in August, compared to a revised figure of 157,000 in July.
What is the significance of the U.S. nonfarm payrolls data?
The U.S. nonfarm payrolls report is a significant economic indicator that can impact financial markets, including cryptocurrencies. In this instance, the report led to market volatility and a downward trend in the value of Litecoin and Bitcoin Cash.
What are the support levels mentioned for Litecoin and Bitcoin Cash?
For Litecoin, the support level discussed is $63.50, while for Bitcoin Cash, sellers are aiming for a target price of $190.00.
What is the Relative Strength Index (RSI) and why is it relevant?
The Relative Strength Index (RSI) is a momentum indicator used in technical analysis to evaluate the speed and change of price movements. For Litecoin, the RSI retreated to a support point of 30.00, while for Bitcoin Cash, the RSI stands at 46.81 with a next discernable support level at 39.00.
Is the decline in Litecoin and Bitcoin Cash viewed as an opportunity for long-term investors?
The article suggests that the current dip might be seen as an overall positive for long-term bulls, as the asset appears to be generally overbought according to the RSI.
How can one receive weekly updates on price analysis?
The article encourages readers to register their email to receive a Weekly Technical Analysis Report for ongoing updates.
What is the article’s primary focus keyword?
The primary focus keyword of the article is “Cryptocurrency Decline Following U.S. Nonfarm Payrolls Report.”
What tags are associated with this article?
The article is tagged with “Litecoin,” “Bitcoin Cash,” “U.S. Nonfarm Payrolls,” “Market Sentiment,” and “Technical Analysis.”
More about Cryptocurrency Decline Following U.S. Nonfarm Payrolls Report
- U.S. Bureau of Labor Statistics Nonfarm Payrolls
- Introduction to Technical Analysis
- What is Litecoin?
- What is Bitcoin Cash?
- Relative Strength Index Explained
