Litecoin price analysis: LTC/USD rebounds after a stormy night
- LTC/USD broke above $100 for the first time in 2019.
- Litecoin also reacted in tandem recording losses below the rising trendline.
The cryptocurrency industry is just coming from a sudden stormy night. Litecoin is among the biggest daily losers on the market has lost 7.7% on the day. The losses come after altcoins alongside Litecoin experienced the most impressive rally this year. LTC/USD broke above $100 for the first time in 2019. In fact, it formed highs around $106.84 before reversing the trend.
There was a correction on Thursday where Bitcoin dropped below $8,000 testing the lows at $7,750. Litecoin also reacted in tandem recording losses below the rising trendline. There was a drop below the 38.2% Fib level between the last high at $106.84 and a low of $86.91.
Presently, Litecoin is trading at $95 after a slight correction. Support has been established at $92.00. The RSI is reversing from the oversold while the MACD is now horizontal at -1.7. In the coming sessions, Litecoin will stay in the range between $90.00 and $100.00.
LTC/USD 1-hour chart
Author
John Isige
FXStreet
John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren
