Litecoin flirts with head and shoulders neckline

Omkar Godbole FXStreet Contributor

Litecoin [LTC/USD] is struggling to find its footing in a Bitcoin dominated markets, currently trading around $42.52 levels.

LTC closed below 50-DMA yesterday for the first time since August 5, although the head and shoulders neckline came to the rescue of the virtual currency. The neckline support is seen today around $41.75 levels. The 14-day RSI has turned bearish and is sloping lower, indicating scope for further losses.

As per coinmarketcap.com, Litecoin has shed 1.05% over the last 24 hours. The market cap of the virtual currencies stands at $135.50 billion.

LTC/USD Technical Levels

An end of the day close below $41.75 would open doors for a big sell-off $37.75 [100-DMA] and $36.00 [July 6 low]. On the higher side, the 50-DMA level of $44.19 could offer resistance, which, if breached would open up upside towards $47.96 [July 21 high] and $50.247 [Aug 9 high].

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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