Litecoin technical analysis: LTC/USD trends horizontally as it consolidates itself below $60
- The daily LTC/USD price is sandwiched between the SMA 50 and SMA 20 curves.
- The four-hour LTC/USD chart is trending within a triangular pattern.
LTC/USD daily chart
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The LTC/USD chart is trending in a flag formation. This Thursday, Litecoin has gone up slightly from $58 to $58.25. The price is sandwiched between the 20-day Simple Moving Average (SMA 20) and SMA 50 curves, with SMA 50 acting as immediate market resistance. It looks like LTC/USD is consolidating itself below the $60 mark. The Relative Strength Index (RSI) indicator is trending around 53.10.
LTC/USD four-hour chart
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The four-hour LTC/USD is trending within a triangle formation, getting ready for a potential breakout and is floating above the green Ichimoku cloud. The SMA 50 curve has crossed over the SMA 200 curve, charting a golden cross pattern. The Moving Average Convergence/Divergence (MACD) indicates increasing bearish market momentum.
LTC/USD hourly chart
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The SMA 20 curve has dipped down and is acting as support for the hourly market. The 20-day Bollinger jaw has constricted, indicating decreasing market volatility. The Elliott Oscillator has had three consecutive bullish sessions.
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.
