- Litecoin bulls depend on the support at $60 and the ascending trendline to continue with the uptrend from July.
- LTC/USD could embrace consolidation in the near term especially if the RSI holds above the midline.
Litecoin like Bitcoin and other major cryptocurrencies is in the red on Tuesday. These losses are happening after LTC/USD hit a wall at $70 towards the end of last week. The weekend session was dominated by losses as the bulls scuffled in the search for key support area. At the time of writing, Litecoin is trading at $60.43. Its immediate downside is supported by an ascending trendline.
Losses are likely to continue in the near term as observed using the RSI and the MACD. The latter is diving towards the mean line while featuring a bearish divergence. Similarly, the RSI is inching closer to the midline.
If support at $60 holds, there is a chance that a reversal would take place. On the upside, resistance should be expected at $65 and $70 respectively. Looking at the moving averages, LTC/USD is still in the hands of the bulls, except that they do not have the volume to pull above $70. Such a move would see buyers shift their focus to $80 and later to $100.
LTC/USD daily chart
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