|

Litecoin market update: LTC/USD balancing at the edge of a cliff

  • Litecoin price hovers above $60 after advances above $61 were unsustainable.
  • The inclination to the downside is expected to continue throughout the sessions on Thursday.

Litecoin is price action is inclined towards making declines on Thursday towards the end of the Asian trading session. The cryptocurrency live rates table shows the crypto having lost 0.21% of its value on the day. LTC is hovering above $60 after corrections above $61 failed to hold. Moreover, the prevailing trend is strongly bearish albeit the shrinking volatility.

Immediate support is offered by the 100 Simple Moving Average (SMA) on the 4-hour chart. The ascending trendline is also ready to come to the rescue of the bulls. A slide below $60 could also seek refuge with $58 support. However, the major support for LTC/USD lies with $50 and $46.00 respectively.

As far as technical levels are concerned, Litecoin is expected to continue pressing down on the short term support at $60. For instance, the RSI is gradually slopping towards the oversold while, the MACD displays a bearish cross. The signals from the indicators remain bearish for the near-term which jeopardizes the tentative support areas.

LTC/USD 4-hour chart

Author

John Isige

John Isige

FXStreet

John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren

More from John Isige
Share:

Editor's Picks

Crypto Today: Bitcoin, Ethereum, XRP recovery slows amid incessant capital outflows

The cryptocurrency remains in a broader corrective bias on Friday, despite majors such as Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) holding slightly higher than early-week support levels.

Cardano: Whale selling, cautious derivatives limit ADA rebound

Cardano is trading near $0.170 at the time of writing on Friday after staging a modest rebound from last week's sharp correction. However, the recovery remains fragile as large holders have resumed reducing their positions, adding fresh selling pressure to ADA.

Experts agree: Bitcoin nears bottom, but weak demand raises doubts

Bitcoin (BTC) is trading above $63,000 at the time of writing on Friday after rebounding from the key 200-week Simple Moving Average (SMA) near $62,000, a level widely viewed as key long-term support.

Pi Network Price Forecast: Bulls attempt comeback as bearish strength fades

Pi Network is trading at around $0.120 on Friday after a modest recovery the previous day. Despite this recent rebound, traders should be cautious as a scheduled unlock of 14.8 million PI tokens on Friday could limit the token's recovery potential by increasing market supply.

Experts agree: Bitcoin nears bottom, but weak demand raises doubts
Bitcoin (BTC) is trading above $63,000 at the time of writing on Friday after rebounding from the key 200-week Simple Moving Average (SMA) near $62,000, a level widely viewed as key long-term support. The recovery may suggest that Bitcoin has found a floor after a sharp correction that spanned more than a month, but some warning signs persist.