Litecoin price analysis: LTC/USD loses 6% in 24 hours, $30.00 looms large

  • LTC/USD resumed the downside amid glopbal crypto sell-off.
  • The critical support is created by $30.00 handle.

Litecoin is down over 6% in recent 24 hours, trading at $32.4 at the time of writing. The 7th largest digital coin with market value $1.9B has been declining steadily since the beginning of the month in sync with onther altcoins. Litecoin has lost over 43$ from the recent peak reached at $56.55 on November 7.

On the intraday charts, LTC/USD is capped by $35.00 resistance zone. This psychological leve stopped the recovery earlier this weak, creating a formidable barrier for short-term Litecoin bulls. Once it is cleared, the recovery may be extended towards $36.00 with the sloping short-term trendline on approach, and to DMA5 (now at $37.54). 

The Relative Strength Index (RSI) and momentum indicators are starting to reverse, however, this signal needs to be confirmed by price dynamics.  A sustainable movement above critical $40.00 is likely to mitigate immediate bearish pressure. However, we need to pass $50.00 and $50.56 (DMA50) to get a chance for an extended reversal.

On the downside, the Asian low of $30.55 may slow down the sell-off ahead of critical $30.00. This area may attract speculative buyrs, though if it is cleared, the price will enter an uncharted territory with the potential to drop to $25.00, the lowest level since June 2017.

LTC/USD, 4-hour chart

 

 

 

 

 

 

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