- LTC/USD is losing ground in sync with other altcoins.
- Litecoin bear will stop short of $50.00.
Litecoin is changing hands at $52.57, down 1.7% in recent 24 hours. The 7th largest coin by market value has a capitalization of $3.1B, while the average daily trading volumes reached $371M, in line with the long-term average figures.
Litecoin is moving in sync with global cryptocurrency market sentiments as there is little in terms of fundamental news that might have influenced the price momentum. Technical factors and a bit of apathy run the crypto show at this stage.
On the daily charts, LTC/USD is back below DMA50 (now at $55.17), which give the picture a bearish touch. However, the neutral position of the Relative Strength Index (RSI) and weak momentum imply that the coin is likely to stay in a range with the lower border created by $50.00 handle. Ince it is broken, the sell-off may continue towards the recent minimum of October 29 at $47.69. That’s where new buyers will join the game and initiate the rebound.
On the upside, we need to get back above the said DMA50 to mitigate bearish pressure; however, only a sustainable move above DMA100 at $57.46 will return the coin within the bullish tend with the next important target at psychological $60.00 followed by September 4 recovery high at $69.40.
LTC/USD, the daily chart