Litecoin price analysis: LTC/USD targets 100 SMA resistance after refreshing key support


  • Litecoin lethargic within the key support zone at $82 - $84.
  • Approaching oversold levels to hint an imminent reversal in the near-term.

The cryptocurrency market is a sea of red accept for Bitcoin Gold (BTG) and Ethereum Classic. Litecoin is trading 1.5% lower on Wednesday. The correction comes after a failed attempt to break above the resistance at $92.00. The bear action trimmed the gains below the moving averages including the 21 Exponential Moving Average (EMA).

Last week support at $82 - $84.00 sheltered altcoin from further losses. The Moving Average Convergence Divergence (MACD), however, hints further breakdown in the coming sessions. On the flipside, traders should be on the look for a positive divergence likely to signal a reversal.

The full stochastic oscillator is hitting the oversold levels. A correction above 30 will confirm bullish price action.

LTC/USD 1-hour chart

 

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