Symmetrical triangle breakdown targets a test of 200-HMA

Litecoin on a corrective slide after latest rally to half-yearly tops.
$82 is the extent to beat for the LTC bulls within the near-term.
Hourly RSI turns bearish, with symmetrical triangle breakdown on hourly sticks.

The sixth most generally traded cryptocurrency, Litecoin (LTC/USD), with a market capitalization of $ 5.19 billion, is without doubt one of the foremost laggards amongst the highest 10 favourite digital belongings to date this Saturday. The coin is on a corrective transfer decrease, having failed a number of makes an attempt to take out key resistances stacked up round 84.00. Bullish exhaustion appears to have set into the LTC market, particularly after the costs fashioned a long-legged doji on Thursday. On the press time, LTC/USD bounces-off each day lows close to 79.80 to swiftly get better floor above 80.00, nonetheless down almost 3% on the day whereas virtually unchanged over the past 24 hours.

Technical perspective

The costs witnessed a symmetrical triangle breakdown on the hourly sticks, because the bears examined the bullish 100-hourly Easy Transferring Common (HMA) at 79.60. The sellers are more likely to take over full management on a break under the latter, opening flooring for a check of the following assist aligned at 77.30, the upward sloping 200-HMA.

Within the final minutes, the No. 6 coin reversed sharply however the bearish bias stays intact so long as the costs commerce under the 21-HMA at 81.83. A sustained breakthrough the mentioned resistance will energy the bulls again in the direction of the vital resistance seen across the 84 mark.

All in all, the trail of least resistance seems to the draw back, because the hourly Relative Power Index (RSI) trades under the mid-line, with additional room seen southwards. Additionally, the coin will probably observe the correction seen throughout the crypto markets.