Litecoin market overview: LTC/USD upside capped at $100
|- LTC/USD corrected to the support at $95 before relaunching another attack on $105.
- Litecoin expected to consolidate between $95 and $100 in the coming sessions.
Litecoin has decided to play it safe after an unsuccessful attack on $105 resistance. The declines from July 10 explored the levels under $100. A low was formed at $77.50 before the bears started to retreat as reported by FXStreet.
The bounce from the support last week stepped above the moving averages initially before struggling with the resistance at $95. The first assault at $100 tested $105 but failed to make further movement north. LTC/USD corrected to the support at $95 before relaunching another attack on $105.
At press time, Litecoin upside has been capped at $100 with the trend have a bearish bias. The failure to sustain the gains above $100 has demoralized the bulls who are likely to retreat to create fresh demand at a lower level probably around $95.
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The technical picture is slightly negative as well with the slow stochastic oscillator pointing downwards from at 40 from highs around 75. The Moving Average Convergence Divergence (MACD) is moving sideways along the mean line as an indicator for ranging trend in the coming sessions. Therefore, we can expect Litecoin to consolidate between $95 and $100 in the coming sessions before the next assault at $105 hurdle.
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