Litecoin Price Prediction: Symmetrical triangle breakdown targets a test of 200-HMA
- Litecoin on a corrective slide after recent rally to half-yearly tops.
- $82 is the level to beat for the LTC bulls in the near-term.
- Hourly RSI turns bearish, with symmetrical triangle breakdown on hourly sticks.
The sixth most widely traded cryptocurrency, Litecoin (LTC/USD), with a market capitalization of $ 5.19 billion, is one of the main laggards amongst the top 10 favorite digital assets so far this Saturday. The coin is on a corrective move lower, having failed several attempts to take out key resistances stacked up around 84.00. Bullish exhaustion seems to have set into the LTC market, especially after the prices formed a long-legged doji on Thursday. At the press time, LTC/USD bounces-off daily lows near 79.80 to swiftly recover ground above 80.00, still down nearly 3% on the day while almost unchanged over the last 24 hours.
Technical perspective
The prices witnessed a symmetrical triangle breakdown on the hourly sticks, as the bears tested the bullish 100-hourly Simple Moving Average (HMA) at 79.60. The sellers are likely to take over complete control on a break below the latter, opening floors for a test of the next support aligned at 77.30, the upward sloping 200-HMA.
In the last minutes, the No. 6 coin reversed sharply but the bearish bias remains intact as long as the prices trade below the 21-HMA at 81.83. A sustained breakthrough the said resistance will power the bulls back towards the critical resistance seen around the 84 mark.
All in all, the path of least resistance appears to the downside, as the hourly Relative Strength Index (RSI) trades below the mid-line, with further room seen southwards. Also, the coin will likely track the correction seen across the crypto markets.
LTC/USD 1-hour chart
LTC/USD key levels to consider
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.
