- Litecoin - best performer amongst top 5 crypto coins on Sunday.
- The hourly chart suggests downside likely, looks to revisit the 85.50 level.
The fifth most widely traded cryptocurrency, Litecoin, witnessed volatile moves last hours but the bears continue to guard the 88.50 barrier. The coin faded an uptick to daily tops of 88.36, still gains nearly 4% over the last 24 hours, with the bias now tilting to the downside. Litecoin enjoys a market capitalization of $ 5.51B, or 1.86% of the total cryptocurrency market cap.
LTC/USD 1-hour chart
- A tug-of-war is seen between bulls and bears amid a broadening bottom wedge pattern.
- A breakout in either direction is possible, but for now, the downside appears likely, as the prices have faced rejection from the upper trendline.
- Upward sloping 21-Hourly Simple Moving Average (HMA) at 86.12 offer immediate support.
- Sellers eye horizontal 50-HMA at 85.50 below the last, with the hourly Relative Strength Index (RSI) consolidating in the overbought territory.
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.