Litecoin price analysis: Calm after the storm, the only way is up
|- Litecoin price crashes to $30.00 as the market falls to $145 billion.
- The path of least resistance is sideways; bulls can defend short-term support.
The crypto crash has reached overwhelming levels. The market capitalization has declined to $145 billion (lowest levels this year). Litecoin price has also fallen victim to the paralyzing since last week. At press time, LTC/USD is still in the red with declines amounting to 8.6% in spite of finding balance at $30.
The tail spin has been unstoppable since Monday after the support at $42.00 gave in the sellers battering. The asset is currently trading below the moving averages. Besides, the upside is capped at the 23.6% Fib retracement level with the last swing high at $49.62 and a swing low at $30.75. There is sideways movement with the price flirting with $32.45.
The RSI on the hour range has recovered from 20.45 but still unable to leave the oversold. The same is reflected in the fast stochastic oscillator which is motionless at 30. The path of least resistance is sideways with buyers having the strength to defend the short-term support at $30.00. If this level is broken, Litecoin could head towards $20.00. Recovery will be an uphill task in a crypto market that is still bleeding.
LTC/USD 1-hour chart
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