Litecoin Technical Analysis: LTC/USD ignores golden cross as rejection $80 continues


  • Litecoin price bulls tussle to keep the price above $76 and the short term trendline support.
  • Technical indicators send bearish signals suggesting that a drop to $65 is necessary to create fresh demand for LTC.

Spot rate: $76.51

Relative change: -3.29

Percentage change: -4.13%

Trend: Bearish

Volatility: High

LTC/USD daily chart

LTC/USD price chart

Litecoin price minor reaction to the golden cross pattern stalls at $80 leaving the recent highs at $84.60 untested.

The rejection at $80 sends LTC/USD downwards at $76.23 (market value). Continued downward correction s expected to last throughout the European session on Monday.

The MACD clearly shows that the sellers are in control of the joystick likely to hit a further nosedive towards $65.

LTC/USD 2-hour chart

LTC/USD price chart

Litecoin price digs deeper into the Bollinger Band lower curve amid high volatility and a stronger bearish grip. If the short term trendline support gives in, there is a chance the price would slide back to the support at $65.

The downward movement is, however, likely to encourage more buyers to enter the market, in turn, pushing Litecoin towards $85 (medium-term resistance).

 

 

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