Litecoin Price Analysis: LTC/USD ready to reverse below $60.00 after a strong recovery attempt


  • Litecoin stays in the green zone on a day-to-day basis despite the retreat.
  • Both daily and intraday RSI signals that bears are ready to regain control over the coin.

Litecoin is the seventh-largest digital asset with the current market capitalization of $4 billion. At the time of writing, LTC/USD is changing hands at $61.8, while an average daily trading volume amounts to $2.8 billion. Litecoin is down 1.5$ since the start of the day; however, it is still over 6% higher on a day-to-day basis, which makes it the best-performing altcoin out of top-10.

LTC/USD: The technical picture

LTC/USD reached the intraday high at $63.69; however, the upside momentum has faded away on approach to the local resistance that stopped the recovery attempt on August 20. The sell-off may be extended towards the local support created by 4-hour SMA100 at $60.50. Once it is out of the way, the downside is likely to gain traction with the next focus on $59.00. While the RSI has reversed from overbought territory and points downwards, this barrier is likely to slow down the bears as it is reinforced by a combination of 4-hour SMA50 and SMA200. 

LTC/USD 4-hour chart

On the upside, the local resistance comes at the above-mentioned intraday high of $63.69, closely followed by $64.00.  a sustainable move above this area is needed for the upside to gain traction with the next focus on the recent recovery high on approach to $69.00. On the longer-term timeframe, the RSI has points downwards; however, the trend stays remains bullish as long as the price stays above the daily SMA50 at $54.70. If it is broken, a psychological $50.00 will come into view. 

LTC/USD daily 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.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Cardano partners with Chainlink to drive smart contract development for DeFi applications

Cardano recently announced a strategic partnership with decentralized blockchain oracle network Chainlink. The third-generation blockchain is preparing to build smart contracts for decentralized finance (DeFi) applications.

More Cardano news

Huobi to stop servicing Chinese users as China vows strict crackdown on crypto

A few months after the cryptocurrency mining ban in China, the country issued another update last week, reiterating that digital assets are banned and crypto exchanges are prohibited. Shortly after the announcement was revealed, Bitcoin and altcoins plunged.

More Cryptocurrencies news

Ethereum bears contemplate a drop to $2450

ETH price is building up downside pressure while clinging to the 200-SMA support. RSI remains flat below the midline, keeping the sellers cheerful. A drop towards $2450 remains in the offing if the 200-SMA caves in.

More Ethereum News

Polkadot price at make-or-break point

Polkadot price spots a potential symmetric triangle pattern on the 1D chart. RSI stands neutral at 50.00, suggesting a lack of clear directional bias. 21-DMA offers immediate resistance.

More Polkadot News

BEST CRYPTO BROKERS/EXCHANGES



Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast

BTC

ETH

XRP