Top 10 Cryptocurrencies Now Trading Below 200-Day Price Averages

The event marks a period of greater selling momentum, confirming the majority of the bearish mood currently prevailing among investors.

Most traders now have their funds locked up in bitcoin, as seen by its high dominance rating standing at 69.1 percent.

The onus is now heavily on the bulls to recoup losses above the 200-period MA's or risk reverting back to 2018's market trend of significant long-term lower lows and lower highs.

Deepening the possibility of a greater drawdown from its recent peak high at $146 on June 22, litecoin's death cross looms on the daily chart with the 50-period MA and the 200-period MA flirting for a cross.

When the short-term 50-period MA passes below the long-term 200-period MA it signals a death cross, a reliable predictor of some of the worst bear markets in traditional stocks and crypto alike.

The possibility is notable given that litecoin lead the crypto market recovery earlier this year, when traders bought up the crypto asset in anticipation of its reward halving.

Event that reduced the mining reward from 25 LTC to 12.5 LTC, the world's fifth largest crypto by market value appears to be rallying the markets for another drop.

Disclosure: This author holds no cryptocurrency at the time of writing.