- Litecoin attempts a tepid bounce, but Saturday’s bearish bias remains intact
- Daily chart shows a bearish outlook over the medium-term.
The fourth most widely traded cryptocurrency, Litecoin, is back in the red zone following Friday’s dead cat bounce. The coin has lost over 2.5% over the last 24 hours and now remains exposed to further downside risks. Litecoin enjoys a market capitalization of $ 6.43B, or 2.03% of the total cryptocurrency market cap.
LTC/USD 1-hour chart
- Bears take a breather after early losses, as the 50% Fibonacci Retracement (Fib) of the latest recovery (at 101.16) offers solid support.
- The recovery appears limited by a bunch of resistances, stacked up between 103.15-104 levels, where the 10, 21 and 50 hourly SMAs coincide.
- Technical set up points to the downside opening up towards 100.00.
LTC/USD daily chart
- A potential rounding top formation is spotted on the daily sticks.
- The pattern will get confirmed once the prices close below the 100-round figure.
- A break below the last will open up the downside towards the 60/55 level over the next 3 months.
Key levels to watch
|Today last price||102.1459|
|Today Daily Change||-2.9093|
|Today Daily Change %||-2.77|
|Today daily open||105.0552|
|Previous Daily High||107.0843|
|Previous Daily Low||100.6797|
|Previous Weekly High||125.6252|
|Previous Weekly Low||95.0808|
|Previous Monthly High||146.2716|
|Previous Monthly Low||97.5782|
|Daily Fibonacci 38.2%||104.6377|
|Daily Fibonacci 61.8%||103.1262|
|Daily Pivot Point S1||101.4619|
|Daily Pivot Point S2||97.8685|
|Daily Pivot Point S3||95.0572|
|Daily Pivot Point R1||107.8665|
|Daily Pivot Point R2||110.6777|
|Daily Pivot Point R3||114.2711|
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