- LTC/USD consolidation in a slender vary might culminate in features above $60.
- The bears’ grip stays intact within the quick time period, based mostly on the present technical evaluation.
Litecoin, similar to many different cryptocurrencies, is coping with a sell-off that began earlier this week. The rally on Sunday final week reclaimed assist above $60. Nevertheless, the momentum ran out of steam quick inside a whisker of $64 (earlier week excessive).
The losses alongside the week settled above $55. Alternatively, Litecoin worth upside has remained capped by a slender ranging channel. Though makes an attempt to interrupt above this vary resistance have proved to be futile, LTC has no alternative however to clear it earlier than tackling the $60 resistance degree.
In the meantime, Litecoin is buying and selling at $56, which is 2.27% decrease in comparison with the opening worth of $58. The draw back is straight away protected by an ascending trendline. Extra assist is anticipated at $55 whereas the 100 SMA at $53.25 will stop losses in the direction of $55.
Technically, Litecoin bearish momentum might last more. The slope of the RSI under 50 is constructing the bears’ confidence. On the identical time, the bearish session of the Elliot Wave Oscillator alerts that promoting strain has extra affect.
