Steem, Polkadot, Litecoin Price Analysis: 07 September

Litecoin’s charts showed that LTC was still caught in a strong downtrend, one that had not yet slowed down. Polkadot registered a potentially bearish pattern, one that could set up a sharp drop for the cryptocurrency in the coming days. Finally, Steem’s charts indicated that it could be heading further lower.

Litecoin [LTC]

Source: LTC/USD on TradingView

Litecoin tumbled alongside Bitcoin, and then tumbled some more, as it faced significant selling pressure.

In the sessions marked by the cyan arrows on Litecoin’s chart, a support level tested, then lost, on the back of very high trading volume was observed. This showed that Litecoin was still dominated by fear in the short-term.

Aroon underlined an unbroken downtrend over the past few days. The Aroon Up (orange) had not attempted to cross up above the Aroon Down (blue), a sign of the downtrend still retaining some strength.

Polkadot [DOT]

Source: DOT/USDT on TradingView

Polkadot can be viewed as one of the cryptosphere’s disruptors of the old order. It broke into the top-10 cryptocurrency list with force and had a market cap of $3.6 billion, at press time. DOT held on to its spot for a lot longer than many cryptos that gained a toehold in the top 10 in the past.

However, DOT seemed to be poised for another drop in value. In relation to the rest of the market, Polkadot might not be a big loser, however, as many altcoins still struggled in the grip of the bears.

DOT was forming a possible inverted cup and handle pattern on its 1-hour chart. If validated, DOT could visit prices as low as $3 or $2.5. At press time, DOT was trading beneath the $4.5-level.

The RSI showed a value of 43, a figure which denoted bearishness.

Steem [STEEM]

Source: STEEM/USDT on TradingView

STEEM was ranked 124th with a valuation of $63 million.

At the time of writing, STEEM faced stiff resistance around the 20-period moving average. The Bollinger Bands were wide open, indicating that the crypto-asset has been quite volatile recently. The bands were not beginning to tighten, underlining that downside was likely.

STEEM could drop lower than the $0.1692 it was trading at to find the next level of support at $0.1524.

A descent further could see the price test the support at $0.12.