Litecoin Price Analysis: LTC/USD recovery falls short of $50, where to next?


  • Litecoin is likely to settle in a range between $46 and $50.
  • The technical picture is positive as a sign of buyer relentlessness in pushing for recovery.

Litecoin has been shredding its value since June highs around $146. The halving event in August did very little to spur growth. Instead, the crypto has continued to shred its value beneath several key support levels including $80, $60 and the recent break below $50. 

Following the breakdown $42 level came out as a vital support area, Litecoin bulls took advantage of the low price to get more positions. However, the momentum has not been strong enough to convince the bulls that the reversal is significant. 

Meanwhile, LTC is exchanging hands at $47.90, sitting above the moving averages. The 50  SMA double-cross above the 100 SMA on the 1-hour chart, shows that LTC is attracting bullish influence. In the event of a reversal, the 50 SMA and the 100 SMA at $46.83 and $46.36 respectively will provide support. 

The uptrend is also being nurtured above rising trendline support whose support is still intact. The RSI hints sideways trading trend in the coming sessions. The MACD shows that the momentum is in favor of the bulls and more action northwards is possible.

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.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Crypto Today: Calm between the storm? Schiff says look out below, Dash, Monero stand out

Bitcoin in mid-range, BTC/USD is trading just below $7,400 after experiencing rises and falls of hundreds of dollars within days. Peter Schiff, a life-long crypto skeptic, said that pumpers and dumper have lost the plot, and added: "Look out below".

More Cryptocurrencies News

Ethereum Price Analysis: ETH/USD bumps into $148.00, waits for new drivers

ETH/USD has recovered to $148.00 on Thursday; however, the upside momentum has faded away during early Asian hours. The second largest coin with the current market capitalization of $16.2 billion has settled in a tight range limited by $148.00 on the upside.

More Ethereum News

Monero Price Analysis: XMR/USD rises from the ashes

Monero is arguably the biggest single-digit gainer on the first Friday of December. The crypto has increased in value by 2% on the day after opening the trading session at $55.01. 

More Monero News

Bitcoin Cash price analysis: BCH/USD market momentum turns from bearish to bullish

BCH/USD is on course of charting its second straight bullish day. Currently, the price has gone up slightly to $211.75 and is floating below the 20-day Simple Moving Average (SMA 20), SMA 50 and SMA 200 curves. 

More Bitcoin Cash News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: It's all about whales again

On the cryptocurrency market, regulators, governments and central bankers and other big names like that are inferior to whales when it comes to generating trends and price movements.

Read the weekly forecast

BTC

ETH

XRP