Litecoin price analysis: Long-term bulls have hope as long as LTC/USD stays above $40.00
|- LTC/USD continues to develop the downside correction.
- The long-term trend remains bullish.
Litecoin (LTC) is changing hands at $53.56 at the time of writing, down nearly 5% since this time on Monday. The fourth largest coin with a market capitalization of $3.3B is one of the worst-performing cryptocurrencies out of top-20.
Having topped at $59.75, the coin entered a correction phase. However, from the long term point of view, Litecoin is on recovery track as long as the price stays above $40.00 (the upside trendline from December 2018 low).
LTC/USD has the first back-to-back positive months since summer 2017, which creates the conditions for further recovery towards $71.00 (SMA50, weekly charts). However, considering the downward-looking RSI on a daily chart, we may see an extended correction with the initial focus on $44,55 (DMA200) followed by the above-said $40.00, before the upside resumes.
On the intraday level, LTC/USD dropped below SMA200 (1-hour), while the 1-hour RSI came close to oversold territory. If the initial support at $53.00 is cleared, the price will continue sliding towards $50.60 (SMA100, 4-hour) and psychological $50.00.
LTC/USD, 1D 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.