Litecoin market update: LTC/USD defends key support – Bulls call for more action
|- LTC/USD has recovered above $88.00 and even tested $90.00.
- The trend is steadily becoming bearish with Litecoin poised for further losses that could test the important support at $84.00.
Litecoin bulls are not ready to give up control despite the lower correction posted earlier today. The declines come after the asset witnessed a ballistic rise throughout last week in tandem with the rising Bitcoin price to 2019 highs around $5,343. Litecoin forged its own path to the north pushing the limits to trade close to $100.
Litecoin has, however, been retracing downwards after the rejection at $100. New established support levels at $92.00, $90.00 and $88.00 could not hold Litecoin price from dropping to $84.00. Meanwhile, LTC/USD has recovered above $88.00 and even tested $90.00 before resuming the downtrend again.
The buyers are currently battling to keep the price above $88.00, although Litecoin is trading at $88.41. The 100 SMA 1-hour is providing support at $88.00 while the shorter term 50 SMA 1-hour will function as s support level at $87.57.
The trend is steadily becoming bearish with Litecoin poised for further losses that could test the important support at $84.00. Signals from the RSI and the MACD are leaning more to the bear side. What Litecoin needs at the moment is to defend the support at $88.00 and correct above the immediate resistance at $90.00. This way the bulls will have the time to gather the strength to attack $100 critical level.
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