Litecoin market update: LTC/USD recovery stalls under $60
|- Litecoin remains lethargic between $55 (short-term support) and $60 (next critical hurdle).
- A triangle breakout is expected to elevate Litecoin to levels above $67 and $70.
The indecision and lack of movement across the cryptocurrency market is alarming. Following the rejection experienced at critical resistance zones by most of the cryptocurrencies, the market has remained largely on the red. Litecoin, in particular, failed to clear the hurdles towards $60. Instead, the bears are forcing their way towards $50.
Litecoin is trading at $56.92 slightly above the simple moving averages. The confluence formed by SMA 50 on the one-hour timeframe chart and SMA 100 currently offer immediate support.
Looking at the Relative Strength Index (RSI), Litecoin exhibits tendencies to correct lower. After the purging from the overbought region on Monday, the indicator is struggling to remain stable at the average. As far as support areas are concerned $52 and $50 are the key areas that will cushion drops in price.
On the other hand, a forming symmetrical triangle could soon approach a breakout. If the trend resistance is broken, chances of the price rising to highs around $67-70 are high. On the flipside, trading below the triangle support could refresh lows under $50.
LTC/USD one-hour chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.