Litecoin Price Analysis: Bears Take Control Despite Recent Litecoin Halving

Litecoin Price Analysis: Bears Take Control Despite Recent Litecoin Halving

Litecoin has seen a pointy 5% value decline over the previous 24 hours, and it’s at present buying and selling at round $86.53. The cryptocurrency is

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Litecoin has seen a pointy 5% value decline over the previous 24 hours, and it’s at present buying and selling at round $86.53. The cryptocurrency is down 11.82% on the week, whereas LTC misplaced round 20 % of its worth over the past 30 days. 

The Litecoin halving failed to supply any will increase, confirming what the bulk believed – that it had already been priced in in the course of the run-up to the halving.

However, it’s price noting that it has solely been a number of days because the halving befell, and it’ll doubtless take extra time for the supply-and-demand dynamics to kick in and doubtlessly set off some kind of value enhance. 

Looking on the LTC/USD 1-day chart:

Since our earlier Litecoin value evaluation, Litecoin continued to maneuver as anticipated after rolling over on the higher boundary of the symmetrical triangle. Litecoin went on to break down beneath this triangle immediately because the bears took management.From above: The nearest degree of resistance lies at $90. Above this, larger resistance is positioned at $95, $97, and $100. The resistance at $100 is important as a result of 100-day EMA being positioned there. From beneath: Support now lies at $84.77, which incorporates the .786 Fib retracement. Beneath this, additional help is discovered at $80 and $77.45 (the .886 Fib retracement). If the sellers drag the value beneath $75, we are able to anticipate to see help at $70, $67.75, $63, and $60.The buying and selling quantity nonetheless stays beneath common and really low.The RSI not too long ago dipped properly beneath 50 because the bears took management of the market. The Stochastic RSI’s bearish crossover sign marked the latest transfer decrease.

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Looking on the LTC/BTC 1-day chart: 

Trading towards Bitcoin, LTC has collapsed by way of the help at zero.008244 BTC to drop additional to zero.007209 BTC. This newest value lower brings LTC to a low not seen since mid-December 2018.From above: If the market can begin to rebound, resistance might be discovered at zero.0075 BTC, zero.zero08 BTC, and zero.008244 BTC. This could be adopted by additional resistance at zero.0085 BTC, zero.009 BTC, zero.009415 BTC, zero.0097 BTC, and zero.01 BTC.From beneath: The nearest degree of help is positioned at zero.007 BTC. This is adopted by some robust help on the draw back 1.414 Fibonacci extension at zero.006946 BTC. This mixed degree of help allowed the market to rebound in December 2018 and is anticipated to stay robust shifting ahead.The buying and selling quantity has elevated throughout this newest spherical of promoting.The RSI not too long ago reached excessive oversold territory, which could possibly be an indication that the sellers are reaching exhaustion. It is necessary to notice, nonetheless, that the RSI can stay oversold for prolonged intervals of time. This sentiment is shared by the Stochastic RSI as we await a bullish crossover to sign a transfer larger.

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