• Litecoin remains lethargic between $55 (short-term support) and $60 (next critical hurdle).
  • A triangle breakout is expected to elevate Litecoin to levels above $67 and $70.

The indecision and lack of movement across the cryptocurrency market is alarming. Following the rejection experienced at critical resistance zones by most of the cryptocurrencies, the market has remained largely on the red. Litecoin, in particular, failed to clear the hurdles towards $60. Instead, the bears are forcing their way towards $50.

Litecoin is trading at $56.92 slightly above the simple moving averages. The confluence formed by SMA 50 on the one-hour timeframe chart and SMA 100 currently offer immediate support.

Looking at the Relative Strength Index (RSI), Litecoin exhibits tendencies to correct lower. After the purging from the overbought region on Monday, the indicator is struggling to remain stable at the average. As far as support areas are concerned $52 and $50 are the key areas that will cushion drops in price.

On the other hand, a forming symmetrical triangle could soon approach a breakout. If the trend resistance is broken, chances of the price rising to highs around $67-70 are high. On the flipside, trading below the triangle support could refresh lows under $50.

LTC/USD one-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

Crypto Today: Calm between the storm? Schiff says look out below, Dash, Monero stand out

Bitcoin in mid-range, BTC/USD is trading just below $7,400 after experiencing rises and falls of hundreds of dollars within days. Peter Schiff, a life-long crypto skeptic, said that pumpers and dumper have lost the plot, and added: "Look out below".

More Cryptocurrencies News

Ethereum Price Analysis: ETH/USD bumps into $148.00, waits for new drivers

ETH/USD has recovered to $148.00 on Thursday; however, the upside momentum has faded away during early Asian hours. The second largest coin with the current market capitalization of $16.2 billion has settled in a tight range limited by $148.00 on the upside.

More Ethereum News

Monero Price Analysis: XMR/USD rises from the ashes

Monero is arguably the biggest single-digit gainer on the first Friday of December. The crypto has increased in value by 2% on the day after opening the trading session at $55.01. 

More Monero News

Bitcoin Cash price analysis: BCH/USD market momentum turns from bearish to bullish

BCH/USD is on course of charting its second straight bullish day. Currently, the price has gone up slightly to $211.75 and is floating below the 20-day Simple Moving Average (SMA 20), SMA 50 and SMA 200 curves. 

More Bitcoin Cash News


Bitcoin Weekly Forecast: It's all about whales again

On the cryptocurrency market, regulators, governments and central bankers and other big names like that are inferior to whales when it comes to generating trends and price movements.

Read the weekly forecast