Litecoin price prediction: Bears eye 85.50 amid broadening bottom, overbought RSI
- 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.
Author
Dhwani Mehta
FXStreet
Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.
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