Litecoin market overview: Goodbye $50, hello $20
|- Litecoin continues to seek a bottom while extending June’s losses.
- A falling wedge pattern suggests that in the long-term Litecoin will break out into a rally.
The drop in Litecoin price should not come as a surprise to investors. The drop is only a continuation to the downtrend that kicked off when LTC/USD was rejected at $145 in June. Daily chart clearly shows Litecoin is hunting for a bottom while trading lower high highs and lower lows.
Following the previous drop in September, Litecoin managed to stay in a range between $60 - $50. Attempts to break above the trendline resistance were thwarted numerously by the rising selling pressure over the last three months. The slide under $50 on Wednesday has renewed the bears interest to push Litecoin towards $20.
The Relative Strength Index (RSI) is holding ground above 30 while the horizontal movement shows market indecision. The Moving Average Convergence Divergence (MACD) puts emphasis on a possible sideways trading trend.
LTC/USD daily chart
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