Litecoin Faces Intraday Correction, Dips Below Psychological Support
- Litecoin (LTC), at the time of writing this analysis, was trading at $74 and is likely to have a trend revision from bullish-to-bearish
- Over the past seven days, LTC price has grown by over 12% from the bottom of $66.06 compared to the current trading price
- The H&S created is hinting towards a bearish trend as the price trend is forming consistent lower lows and if the same continues, we project a downtrend
- Currently, the crypto is experiencing a bearish crossover due to intraday corrections and volatility
Litecoin’s rising trend falls below the major psychological support of $75 as it trades at $74.55. The red candlestick breakdown has led the coin to gradually slide below $80 and $75.
Litecoin Price Analysis:
Analyzing the hourly LTC/USD movement on Coinbase, we see that the coin had temporarily hit bottom at $66.06 after marking a fresh 90-day high at $84.44 in the second week of the ongoing month. The downtrend has been in action after the price of Litecoin mounted at a new high. The 20-day Bollinger Bands laid show moderate volatility in the upcoming days with gradual support from 200-day daily MA.
Alongside, Bitcoin is also trading below $10,000 for the 6th day in the row, but there happened to be a momentary bullish breakout before yesterday’s close, which apparently was not enough to have a persistent trade.
Technical Indicators of LTC:
The technical indicator assigned exhibit bearish crossover due to intraday correction and a red candle breakout as the signal line cuts above the MACD line of Litecoin.
While the RSI of LTC is at 47.16 and withholds no trading extremities at present. As per LTC forecast, the currency might continue to trade in a similar momentum.
