- Litecoin plunges 3% on Monday amid a moody crypto market.
- Shallow recovery from the support at $85.00 is battling to breach the resistance formed by the moving averages.
Litecoin continues to add sorrow to the moody cryptocurrency following losses of over 3% on the first day of this week’s trading. Although, the crypto closed last week’s session in the positive, the prevailing trending is still bearish. The high achieved on Sunday at $91.51 led to declines below the moving averages including the 21 Exponential Moving Average, The 50 Simple Moving Average, and the 100 SMA.
Meanwhile, a shallow recovery from the support at $85.00 is battling to breach the resistance formed by the 100 SMA and the 50 SMA 1-hour. It is possible trading above EMA21 will propel Litecoin above $90.
On the other hand, technical analysis shows Litecoin having an acute bearish picture. The Moving Average Convergence Divergence (MACD) is sliding below the mean line (0.0000). The negative divergence suggests that bears are gaining traction. At the same time, Litecoin bearish momentum is emphasized by the full stochastic oscillator, currently stuck in the oversold.
LTC/USD 1-hour chart
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