LItecoin Price Analysis: LTC/USD bears fail to break below strong support at the $60-mark
- LTC/USD daily chart was able to re-enter the 20-day Bollinger Band.
- The MACD and Elliott Oscillator show increasing bearish momentum.
LTC/USD daily chart
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LTC/USD bulls were able to bounce up from the $60 support level to go up to $60.30. The price is trending above SMA 200 and below the SMA 20 and SMA 50 curves. XRP/USD re-entered the 20-day Bollinger Band, indicating that the asset is no longer underpriced. Both the MACD and Elliott Oscillator show increasing bearish market sentiment as the price consolidates in a flag formation. The bulls must continue to defend the $60-line and the SMA 200 curve to ensure that the price doesn’t fall anymore.
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
