Litecoin market update: LTC/USD hints potential reversal

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.

John Isige FXStreet

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

Author

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

XRP steadies in narrow range as fund inflows, futures interest rise

Ripple is trading in a narrow range between $1.45 (immediate support) and $1.50 (resistance) at the time of writing on Monday. The remittance token extended its recovery last week, peaking at $1.67 on Sunday from the weekly open at $1.43.

Crypto Today: Bitcoin, Ethereum, XRP trade within range amid low retail interest

Bitcoin, Ethereum and Ripple continue to exhibit subdued volatility, consolidating within narrow ranges at the time of writing on Monday. Persistent low retail participation and weak technical structures limit the chances of any extended upside price movements.