Market Slump Resumes as Litecoin Eyes $40 Support

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The broader cryptocurrency market came back under downside pressure on Thursday, as Bitcoin and other major cryptocurrencies gave back early week trading gains.

Litecoin slipped closer to the $40.00 support level, as the coin trades 10 percent below its December price peak.

Enjin Coin was the top performing cryptocurrency inside the top 100 by market capitalization, while Synthetic Network is the worst performer intraday.

The total cryptocurrency market capitalization is $192 billion as measured by TradingView.

Litecoin

Litecoin has slipped back towards the worst levels of the month, following a heavy technical rejection from the $50.00 level on Wednesday. 

An upcoming test of the $40.00 support level appears likely if the $43.50 level is broken over the coming trading session.

The $38.00 to $36.00 level offers critical technical support for the LTC/USD pair if a breakout under the psychological $40.00 level occurs.

Key technical support for the LTC/USD pair is now located at the $50.00 and $57.00 levels.

Total Market Capitalization

The chart of the total market capitalization continues to have a strong correlation with Bitcoin. Yesterday, the total market capitalization chart moved in sync with the BTC/USD pair, as price tested the top of the falling wedge on the daily time frame.

The inability to break out from the falling wedge caused sellers to push the price lower. A sustained rise above the $200 billion level is needed to break out of the wedge pattern.

The total cryptocurrency market capitalization is $192 billion, a loss of nearly 6.5 percent from the current weekly price high.

Overall Sentiment

According to the latest data from The TIE, sentiment toward the cryptocurrency market remains neutral at 49.9 percent.

Binance has the strongest sentiment among the top 10 cryptocurrencies at 55 percent. Meanwhile, Ethereum has the weakest at 36 percent.

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