Litecoin has seen a sharp decrease of 22% over the past 14 days. We saw it dropping beneath a consolidation pattern and plummet much lower to reach where it currently trades at $74.10.
LTC remains the fifth-largest cryptocurrency with a market cap of $4.87 billion. However, this may change if Litecoin continues to fall with Binance Coin only sitting $410 million behind in the sixth position.
Looking at the LTC/USD 1-Day Chart:
- Since our previous Litecoin analysis, we can see that the cryptocurrency continued to fall after breaking beneath the short term symmetrical triangle. It went on to fall below the support at $84 and $77 to travel lower towards the $70.82 level. Litecoin has somewhat attempted to rebound as it currently trades around $74.10.
- From above: The nearest levels of resistance lie at $75 and $77.45. Above this, higher resistance can be found at $80, $84.77, and $90 (also contains 200 days EMA). If the bulls continue above the 200 days EMA they will meet resistance at $97 (100 days EMA) and $100.
- From below: The nearest level of support lies at $70.82. This is followed with further support at the long term rising trend line around $67. This is also strengthened by a downside 1272 Fibonacci Extension level and, therefore, is expected to hold moving forward. Beneath this, further support can be found at $65, $63 and $60.91.
- The trading volume remains quite low.
- The RSI and Stochastic RSI are both in oversold territory as the bears continue to dominate the market momentum.
Looking at the LTC/BTC 1-Day Chart:
- Against Bitcoin, the market has seen some form of stabilization. LTC/BTC found support at 0.00709 BTC and rebounded to go higher. However, the bulls were unable to overcome 0.008 BTC as LTC trades at a price of 0.007316 BTC.
- From above: The nearest level of resistance lies at 0.008 BTC. Above this, we can find higher resistance at 0.008244 BTC, 0.0085 BTC, 0.009 BTC, and 0.0094 BTC. If the bulls continue to push LTCBTC higher, further resistance is found at 0.0097 BTC and 0.01 BTC.
- From below: The nearest level of support lies at 0.00707 BTC. IF the sellers break beneath 0.007 BTC we can expect further support at 0.00688 BTC, 0.0065 BTC, and 0.006380 BTC.
- The trading volume remains below average but has shown signs that it may start to increase.
- The RSI remains below the 50 level which shows the bears still control the momentum within the market.
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Source: Crypto Potato