Litecoin's (LTC) price hit a seven-month low on Friday as the cryptocurrency markets turned risk-averse.
The world's sixth largest cryptocurrency by market capitalization fell to $84.39 at 14:00 UTC – its lowest level since November 29, the last seen at $84.99, down more than 12 percent on the day. At press time, LTC is the third-biggest loser among top 10 cryptocurrencies by market capitalization and is reporting a 13.26 percent week-on-week drop
Other major cryptocurrencies are also flashing red. Names like ethereum (ETH), cardano (ADA), bitcoin cash (BCH) have depreciated by at least 10 percent each. Meanwhile, EOS is down 15.7 percent and is the biggest loser among top 10 cryptocurrencies by market capitalization.
Bitcoin (BTC), the world's largest cryptocurrency by market capitalization, fell to fresh 100-day low below $6,100 and likely dragged other markets lower with it. As of press time, BTC was trading at $6,131.74, down 8.7 percent since the start of Friday's trading session.
The 48 percent drop from the May high of $182 has turned the tide in favor of the bears. However, the sell-off looks overdone as the daily relative strength index (RSI) has nosedived into oversold territory (below 30.00)
Litecoin may have hit fresh 2018 lows Wednesday, but could be in for corrective rally courtesy of oversold conditions
the daily chart of litcoin drop down
Currently, the RSI is hovering at 26.00, indicating oversold conditions. So, the sell-off may run out of steam in the next 48 hours or so.