|

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

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.

More from Dhwani Mehta
Share:

Editor's Picks

Has Bitcoin really escaped the macro forces it was built to fight?

Over 17 years ago, Satoshi Nakamoto designed Bitcoin on the back of a global financial crisis as an alternative to the global monetary system outside the control of central banks, governments and traditional intermediaries. This raises a key question: has Bitcoin really become independent of the macroeconomic forces it was built to challenge?

Ethereum activates Glamsterdam on Sepolia testnet: Why the price is falling anyway

Ethereum (ETH) has reached a key milestone in its next major network upgrade. The planned changes aim to improve Ethereum’s Layer 1 capacity and efficiency as network activity grows. The development comes as ETH retreats toward $2,500.

Bitcoin Weekly Forecast: Uptober or Rektober?

Bitcoin (BTC) price is down over 4% so far this week, trading below $83,000 at the time of writing on Friday as mounting selling pressure threatens to derail the seasonal “Uptober” rally. Profit-taking, a surge in long liquidations and weakening demand from institutional investors are weighing on BTC.

Ripple bulls gather recovery momentum amid returning ETF inflows

Ripple (XRP) trades largely in bearish hands on Friday near $1.40. Although the remittance token has stabilized after a sharp sell-off from weekly highs of $1.53 to lows around $1.32, the path of least resistance remains downward, unless buyers affirm a daily close above the pivotal $1.40 level.

Bitcoin: Uptober or Rektober?
Bitcoin (BTC) price is down over 4% so far this week, trading below $83,000 at the time of writing on Friday as mounting selling pressure threatens to derail the seasonal “Uptober” rally. Profit-taking, a surge in long liquidations and weakening demand from institutional investors are weighing on BTC.