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Litecoin technical analysis: LTC bears gathering pace for a break below 101.00

  • Litecoin attempts a tepid bounce, but Saturday’s bearish bias remains intact
  • Daily chart shows a bearish outlook over the medium-term.
Litecoin technical analysis: LTC bears gathering pace for a break below 101.00
Dhwani MehtaDhwani MehtaFXStreet

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

LTC/USD

Overview
Today last price102.1459
Today Daily Change-2.9093
Today Daily Change %-2.77
Today daily open105.0552
 
Trends
Daily SMA20131.1292
Daily SMA50117.4166
Daily SMA10097.3021
Daily SMA20069.0597
Levels
Previous Daily High107.0843
Previous Daily Low100.6797
Previous Weekly High125.6252
Previous Weekly Low95.0808
Previous Monthly High146.2716
Previous Monthly Low97.5782
Daily Fibonacci 38.2%104.6377
Daily Fibonacci 61.8%103.1262
Daily Pivot Point S1101.4619
Daily Pivot Point S297.8685
Daily Pivot Point S395.0572
Daily Pivot Point R1107.8665
Daily Pivot Point R2110.6777
Daily Pivot Point R3114.2711

Author

Dhwani Mehta

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.

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