Litecoin technical analysis: LTC/USD breaks below SMA 200, following heavily bearish Wednesday
- LTC/USD has recovered to $76.55 following Wednesday’s plunge in price.
- Moving average convergence/divergence (MACD) shows increasing bearish momentum.
LTC/USD daily chart
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Like the rest of the market, LTC/USD had a heavily bearish Wednesday. Litecoin went down from $84.65 to $75.85, breaking below the 200-day simple moving average (SMA 200) curve in the process. So far, the price has recovered to $76.55. The SMA 50 and SMA 20 curves are trending above the market. The moving average convergence/divergence (MACD) shows increasing bearish momentum.
LTC/USD 4-hour chart
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The LTC/USD 4-hour chart is currently consolidating in a flag formation. The price has broken below the 20-day Bollinger band, indicating that it is undervalued. The 20-day Bollinger jaw has widened, showing that market volatility is increasing. The Elliot oscillator shows six straight bearish sessions with increasing intensity.
LTC/USD hourly chart
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The hourly chart shows that currently bullish momentum is being stalled at the downward trending line. The price was trending inside the green Ichimoku cloud before it broke down. The hourly price chart is also trending below the SMA 20, SMA 50 and SMA 200 curves. The relative strength index (RSI) indicator is trending in the oversold zone and is trying to get out of it.
Key Levels
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
