• Litecoin is trading below a broken accelerated trendline; the major trendline will come in handy if losses continue.
  • Potential for growth is immense but the bulls must brace themselves for a battle at $79-80 first resistance zone.

Litecoin price is trading between the simple moving average support and resistance. The visible shallow recovery from the losses posted in the last week of August fizzled out shy of the SMA 200 4-hours. An accelerated trendline (dotted) had been providing support, although increasing selling activity pushed Litecoin below it.

LTC/USD immediate downside is supported by the SMA 100 4-hours. Also offering support is the main trendline (black). Note that its significance may not be felt now but it will come in handy in the near future.

The Relative Strength Index (RSI) shows Litecoin is still pressed down by the existing selling pressure. While the RSI has managed to stay around the average (50), it is aiming downwards at the moment. On the other hand, Elliot Wave Oscillator has had a continuous bearish session likely to end in a bullish session. This could see LTC testing the first resistance at $79-80.

At this point, Litecoin will either trend upwards to the second resistance at $90 or plunge to retest the major support at $62. If $62 resistance is tested again, Litecoin could give in for a rally to the third resistance at $100-110.

LTC/USD 4-hour 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.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin Flat, Cryptocurrencies on a Positive Tone

Cryptocurrencies were slightly positive during the last 24 hours, except for Bitcoin, who failed to cross the $8,300 level and created a large candle down to $8.150, tho, then, move back to the $8,200 range. 

More Bitcoin News

Ripple price analysis: XRP/USD grinds to a halt ahead triangle breakout

Ripple performance in October has been relatively better compared to other major digital currencies. The world’s third-largest crypto is stepped above $0.30 last week but failed in sustaining gains towards $0.31.

More Ripple News

Ethereum market update: ETH/USD slips back inside the range, $180.00 still out of reach

ETH/USD hit $178.28 on Monday and retreated to $174.57 by press time. The second-largest coin is moving inside a tight range amid slow trading activity in sync with the market. 

More Ethereum News

NEO price analysis: NEO/USD on recovery track, still below critical resistance of $7.80

NEO, currently the 21st largest coin with the total market value of $527 million, has gained about 1.7% in recent 24 hours to trade at $7.5 at the time of writing. Since the beginning of Tuesday, NEO/USD has gained about 1%.

More NEO News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: Nothing to crow about

Bitcoin (BTC) attempted a recovery above $8,400 and resumed the decline into the end of the week.

Read the weekly forecast

BTC

ETH

XRP