Tanya Abrosimova
Independent Analyst
- LTC/USD continues to move downwards amid profit-taking.
- The intraday RSI signals that the correction is not over.
LTC/USD is changing hands at $43.13, down over 3% since this time of Monday and 9% from the recent peak reached at $47.36. However, despite strong correction amid profit-taking, the coin retains the fourth place in the global cryptocurrency rating compiled by CoinMarketCap. Its current value is registered at $2.6B, while the averaged daily trading volume exceeded 1.1B.
LTC has gained nearly 27% in recent seven days to become the second-best performing coin on a weekly basis.
On the intraday level, the coin is supported by a psychological $43.00, strengthened by SMA100 (1-hour). Once it is cleared, the sell-off may be extended with the next aim at $38.50-$38.00 (SMA200, 1-hour, SMA50, 4-hour). This area is likely to stop the downside for the time being and trigger the upside correction.
Below the said support area, $33.28 (SMA100, 4-hour) will come into view.
The Relative Strength Index (RSI) on the 1-hour chart points to the downside, which means that the correction is not over yet.
Meanwhile, not he upside the nearest resistance comes at $44.00 with SMA50 (1-hour) located marginally above that level. A sustainable move higher will take us towards the next target of $47.00, strengthened by DMA100, and to the recent high of $47.37.
LTC/USD, 1-hour chart
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