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.

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.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin price analysis: BTC/USD locked in a tight range

Bitcoin price is hovering above $10,300 following a weekend of low trading activity. However, its altcoin peers are performing relatively better led by Ethereum. The entire market is painted green on Monday with most assets posting gains between 0.3-3% on the day.

More Bitcoin News

Ethereum market update: ETH/USD leads the altcoin park in breaking away from Bitcoin

Ethereum price action over the weekend came as both a surprise and a welcomed move. Last week we discussed that investors were likely to start getting worried if Ethereum failed to correct the downtrend as soon as possible.

More Ethereum News

CME’s BTC Index Provider CF Benchmarks Wins EU License

CF Benchmarks, CME Group’s BTC index provider, received a benchmark license under the European Benchmarks Regulation (EU BMR). On Sept. 13, CF Benchmarks’ official Twitter account announced that the firm received its license from the UK’s Financial Conduct Authority.

More Cryptocurrencies News

Bobby Lee returns with new Bitcoin wallets and a $200,000 per Bitcoin prediction

China’s first Bitcoin exchange BTCC founder Bobby Lee has been missing from the cryptocurrency space for a while. However, he is now making a comeback with a new startup called Ballet. The startup is focused on bringing to the industry a new set of Bitcoin wallets.

More Cryptocurrencies News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: Rangebound trading and September blues come upon the crypto market

Bitcoin finishes the week with marginal losses. The first digital currency recovered from the recent low of $9,886 but stayed in the red zone as of the end of the week.

Read the weekly forecast

BTC

ETH

XRP