Litecoin stays below a downside resistance line


LTC/USD traded lower yesterday, after it hit resistance at 74.10, but the slide was stopped at 64.35. The crypto has been trading between those tow barriers since May 13th, and thus, we would consider the very short-term bias to be neutral. However, zooming slightly out, we see that Litecoin remains well below the downside resistance line taken from the high of March 30th, and thus, we see more chances for traders to exit the latest range through its lower end.

Such a break could invite more bears into the game, who could dive towards the low of May 12th, at 50.55. If they don’t stop there, then a break lower would confirm a forthcoming lower low on the daily chart and could extend the slide towards the 41.00 barrier, which acted as an important support zone between May and September 2020.

The RSI lies below its 50 line and points down, while the MACD runs below both its zero and trigger lines. Both indicators detect downside speed and support the notion for this crypto breaking below the 64.35 support zone soon.

We will abandon the bearish case only if we see a clear break above the 97.80 barrier, which acted as a key support between April 25th and May 3rd. Such a move will most probably also confirm the break above the downside resistance line taken from the high of March 30th, and could initially target the peak of May 5th, at around 106.75. Another break, above 106.75, could extend the advance towards the high of April 21st, at 114.70, the break of which could carry more bullish implications, perhaps setting the stage for advances towards the high of April 5th, at around 127.15.

LTCUSD


The content we produce does not constitute investment advice or investment recommendation (should not be considered as such) and does not in any way constitute an invitation to acquire any financial instrument or product. JFD Group, its affiliates, agents, directors, officers or employees are not liable for any damages that may be caused by individual comments or statements by JFD Group analysts and assumes no liability with respect to the completeness and correctness of the content presented. The investor is solely responsible for the risk of his investment decisions. Accordingly, you should seek, if you consider appropriate, relevant independent professional advice on the investment considered. The analyses and comments presented do not include any consideration of your personal investment objectives, financial circumstances or needs. The content has not been prepared in accordance with the legal requirements for financial analyses and must therefore be viewed by the reader as marketing information. JFD Group prohibits the duplication or publication without explicit approval.

72,99% of the retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. Please read the full Risk Disclosure: https://www.jfdbank.com/en/legal/risk-disclosure

Recommended content


Recommended Content

Editors’ Picks

COTI price surges on Central Bank of Israel CBDC project participation

COTI price surges on Central Bank of Israel CBDC project participation

COTI (COTI) price retraces by 1.2% at $0.1125 at the time of writing on Wednesday after breaking above a descending wedge pattern last Friday, leading to an 8% rally over the subsequent four days. 

More Cryptocurrencies News

Bitcoin price could react to potential clash between Kamala Harris and Donald Trump at July Bitcoin Conference

Bitcoin price could react to potential clash between Kamala Harris and Donald Trump at July Bitcoin Conference

Bitcoin price struggles around $66,000 on Wednesday. US spot Bitcoin ETFs experienced minor outflows on Tuesday, coinciding with the continued movement of Mt. Gox funds for repayment, which could exert downward pressure on Bitcoin's price.

More Bitcoin News

Solana hovers around $180, resists sell-off despite $22 million SOL transfer

Solana hovers around $180, resists sell-off despite $22 million SOL transfer

Solana whale transferred nearly 124,000 SOL tokens to Binance on Monday. The $22 million transfer could contribute to selling pressure on Solana, raising concerns among traders. 

More Solana News

PEPE price poised for a rally after retesting trendline support

PEPE price poised for a rally after retesting trendline support

Pepe price breaks out of the descending channel pattern, signaling a change in market structure from bearish to bullish. On-chain data shows that PEPE's Long-to-Short ratio is 1.66, suggesting a bullish bias.

More PEPE News

Bitcoin: Will BTC continue its bullish momentum?

Bitcoin: Will BTC continue its bullish momentum?

Bitcoin (BTC) price increased by 5.5% this week until Friday after breaking above a descending trendline. Currently, it is trading slightly higher by 0.23% at $64,166.

Read full analysis

BTC

ETH

XRP