Litecoin price analysis: LTC/USD stuck in a tight range as bulls hibernate again
|- Litecoin bulls take a back seat; disappointed and exhausted.
- LTC/USD trimmed yesterday gains; sideways trading continues to prevail.
The market is back in the red in spite of the slight recovery yesterday. Most of the assets are correcting lower on the day. The market capitalization has declined from yesterday’s $111 billion to the current $108 billion. Litecoin is trading at $23.83 after it was rejected at $25.00.
Slightly above the current price, the 50 simple moving average is limiting the gains at $24.00. Marginally above this level, the 100 Simple moving average will hinder growth at $24.58 (1-hour chart). In addition to that, the token is stuck insight a tight resistance age with the upper limit at $25.00.
Indicators applied to the chart shows Litecoin will maintain the sideways trend in the coming few days. For instance, the MACD is holding tight to 0.0, although it more inclines to slide below into the negative region. The Relative Strength Index was trending lower but has now become horizontal at 42%.
Litecoin has a 24-hour trading volume of $354 million. It has a $1.4 billion market capitalization and is ranked 9th in the industry.
LTC/USD 1-hour chart
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