Litecoin was down by as much as 5% during Friday’s session, as markets reacted to the nonfarm payrolls report from the United States. 187,000 jobs were added to the economy in August, compared to the revised sum of 157,000 in July. Bitcoin cash also slipped, extending recent losses.
Litecoin (LTC) was a notable mover in today’s session, as the token fell by as much as 5% on Friday.
Following a peak at $67.41 on Thursday, LTC/USD dropped to an intraday low of $63.49 earlier in the day.
The move resulted in litecoin falling below a support point at $63.50, with bulls unable to prevent this breakout.
This decline comes as the 14-day relative strength index (RSI) retreated to a support point of its own at 30.00.
Price strength is generally overbought, which could be an overall positive for longer-term bulls, who are looking to capitalize on the current dip.
As of writing, the index is now tracking at 29.62, with LTC at $63.31.
Bitcoin Cash (BCH)
Bitcoin cash (BCH) was also trending lower today, as the price also plunged by over 5% earlier in the day.
After a recent three-day losing streak, BCH/USD dropped to an intraday low of $204.28 on Friday.
This comes following Thursday’s peak at the $219.46 level, which was close to a ceiling of $225.00, which bulls were unable to penetrate earlier in the week.
Now that it appears that sentiment has shifted bearish, a target of $190.00 appears to be where sellers are hoping to exit.
In order to get there, they will need to push the RSI from a current level of 46.81 to its next visible floor at 39.00.
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Will bitcoin cash rebound this coming weekend? Let us know your thoughts in the comments.