- LTC/USD is down 10% on Thursday the amid growing bear pressure.
- The break above 30.00 is required to confirm the reversal in the trend.
Litecoin, a recent leader has become the biggest double-digit loser on the market. LTC/USD is down 10% on Thursday the amid growing bear pressure. Following the rejection from $100, Litecoin traded lower highs and lower lows until it found short-term support at $85.00.
The buyers, however, pushed for gains above the trendline yesterday where Litecoin tested at $90.00. The bullish momentum lost steam allowing the bears to take over. The trend reversed below both the 50 SMA 2-hour and 100 SMA 2-hour. The drop continued below $85.00 and the next support target at $80.00.
At the moment, Litecoin bulls appear to have found bearing at $77.00 paving the way for a weak bearish momentum. LTC/USD currently changes hands at $79.28. It could break above $80.00 and reverse the trend according to various technical indicators. The Relative Strength Index (RSI) is revamping the trend upwards from the lows at 23.52. A break above 30.00 is required to confirm the reversal in the trend. Otherwise, the MACD is still slopping downwards to show that the bear pressure is still present.
LTC/USD 1-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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.