Litecoin technical analysis: Bearish bias intact while below $ 45.50


  • Litecoin returns to the red in tandem with its crypto peers.
  • Technical picture paints rangebound to bearish outlook in near-term.

The sixth most widely traded cryptocurrency, Litecoin (LTC/USD), with a market capitalization of $ 2.82 billion, is back in the red zone on Saturday after two straight days of tepid bounce. A fresh selling wave across the crypto markets dragged the prices lower. Despite the latest knockdown, the coin remains in a familiar trading range between $ 45 and $ 43. At the press time, the price trades near daily lows of 43.99, down 1% on the day while rising nearly 0.80% over the last 24 hours.

LTC/USD 1-hour chart

 

  • Bears return on a failure to take-out stiff resistance just below the 45 handle.
  • The coin tests key $ 43.90 support, the confluence of 61.8% Fib level of Friday’s rebound, horizontal 100-HMA and bullish 50-HMA.
  • A breach of the last will trigger heavy selling towards nine-month lows of $ 42.35.
  • A break above the horizontal 200HMA at $ 44.65 is needed for a bullish reversal.

LTC/USD daily chart

 

  • Selling pressure remains intact, as prices remain below the descending trendline resistance at $ 44.50.
  • Further, the bearish 21-DMA at $ 45.50 will continue to cap the recovery attempts.
  • The path of least resistance remains to the downside amid a lack of significant demand area.

LTC/USD Levels to watch

LTC/USD

Overview
Today last price 44.0525
Today Daily Change -0.4391
Today Daily Change % -0.99
Today daily open 44.4916
 
Trends
Daily SMA20 45.6254
Daily SMA50 52.9916
Daily SMA100 57.608
Daily SMA200 80.3156
 
Levels
Previous Daily High 44.5826
Previous Daily Low 43.4754
Previous Weekly High 46.3719
Previous Weekly Low 42.8434
Previous Monthly High 66.2492
Previous Monthly Low 42.351
Daily Fibonacci 38.2% 44.1596
Daily Fibonacci 61.8% 43.8983
Daily Pivot Point S1 43.7838
Daily Pivot Point S2 43.076
Daily Pivot Point S3 42.6767
Daily Pivot Point R1 44.8909
Daily Pivot Point R2 45.2903
Daily Pivot Point R3 45.9981

 

 

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