Over the past year, many of the markets altcoins have shown signs of decoupling from the price movement of Bitcoin, the worlds largest cryptocurrency. However, this wasnt evident when the movement of the crypto-market in the month of September was assessed. In fact, while many of these alts did follow Bitcoins lead when BTC fell, most werent on the same wavelength when BTC recovered and at press time was being traded at $10,944.
As a result of the same, many cryptos like Litecoin and Dogecoin were continuing to stagnate on the charts.
Litecoin, the crypto dubbed the silver to Bitcoins gold, has been underperforming on the price charts for a long time now. Apart from a brief 20-day period between the last week of July and mid-August, LTCs movement has been very, very stagnant. The same was made worse by the exponential losses Litecoin incurred after Bitcoins fall on the 3rd of September. In fact, since then, LTC has failed to manage a recovery of sorts, with the crypto down by almost 24% since, at the time of writing.
Litecoin, at the time, was trading within a tight price channel, mirroring its movement in the month of June and early-July.
The scale of the bearishness in the Litecoin market was evident when technical indicators were considered as while the Parabolic SARs dotted markers were well above the price candles, the Relative Strength Index was creeping near the oversold zone on the charts.
Litecoin was in the news recently after Charlie Lee announced the launch of a role-playing fantasy game that runs on top of the L ...