Litecoin price analysis: LTC/USD dives below $60 for the first time in 5 days


  • Litecoin embarks on gains trimming exercise targeting $50 on the downside.
  • All technical indicators point towards a potential breakdown in the coming sessions.

Litecoin has eventually broken below the support enjoyed at $60 for almost a week. The zone was very helpful keeping in mind that corrections towards $70 have become untenable. As discussed in earlier published price analysis, the Asian trading session was marked with consolidation within a narrow range between $60 and $62. However, as they say, it is always calm before the storm.

After breaking the trendline resistance, $58 support is the only barrier left preventing a potentially devastating drop below $50. Besides, the 50 SMA on the 4-hour chart has begun narrowing toward the 100 SMA to show that the bears are getting back in action.

From a technical point of view, Litecoin has commenced another downtrend phase. The RSI is heading toward the oversold. At same time, the MACD is back in the negative territory and features a bearish cross. Both the indicators signal a bearish grip that is getting tighter with every session.

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. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Why is the market falling today?

The trading week is coming to an end, and the crypto market leaders seem to be inviting people to go on holiday and come back in a few weeks to see if anything has happened by chance. The current low volatility is never comfortable for the active trader, aware that today's extreme calm is the prelude to an explosion of instability in the future.

More Bitcoin News

ADA/USD regains ground after sharp sell-off, further recovery is limited

Cardano (ADA) lost over 6.5% of its value on Thursday as the cryptocurrency market moved into red territory. At the time of writing, ADA/USD is changing hands at $0.1228 after a short-lived move to $0.1181.

More Cardano News

ETH/USD succumbs to selling pressure and drops to $230 after major Twitter hack involving crypto

Ethereum has dropped to $230 after a significant sell-off following the recent Twitter hack. The attacker targeted all major cryptocurrency exchanges followed by prominent figures...

More Ethereum News

XTZ/USD recovers from a sudden drop below $3

Tezos is still trading inside a massive daily uptrend and is not facing a lot of resistance until $4. The current daily candlestick is a bullish one, especially if the buyers can hold Tezos price above $3.24. 

More Tezos News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: BTC volatility drops to a year low, get ready for a spiral drive

The week was tough for the cryptocurrency markets confined to tight ranges. Bitcoin has lost 1% of its value during the recent seven days with the trading range limited by $9,298 on the upside and $8,933 on the downside.

Read the weekly forecast

BTC

ETH

XRP