Litecoin’s post-halving slump should be met with concern. The fifth-largest cryptocurrency in the market has been in a slump since the beginning of the month, with many dismissing it as simply the halving bears. However, the digital silver is now entering dangerous territory.
Since topping out at $144 during the close of June, the price has been in a free fall. At press time, Litecoin was trading below $75, a whopping 47.91 percent below its yearly high. This price depreciation did not happen suddenly, but in gradual phases.
At first, the price dropped by 15.76 percent between June 26-27, following which the price fell by another 27.31 percent between July 9-14. Between 21-24 July, the price dropped by another 10.39 percent and then finally, between 12-15 August, the price dropped by 16 percent and took the price below $80 for the first time since early May.
Looking at the daily chart, Litecoin is forming a falling wedge. The top of the same is structured via lower and lower highs, seen at $133, $123, $98, $89 and finally, $77. Barring one (immediately rectified) drop from $90 t0 $79 seen on July 16-17, LTC has been experiencing lower lows as well. Based on the daily chart, the same are placed at $118, $102, $89, $83, and $75.
The falling wedge is accompanied by a decrease in volume. If the breakout is likely to materialize, it has to be accompanied by investor interest via an uptick in volume. The digital silver is dangerously close to dropping below its key support level of $72.69, as the current price is just below $74. If this does break, the wedge will no doubt prolong itself, and the next support level that will be tested will be $66.34.
In the short-term, resistance is placed at $77, which will definitely be tested if the wedge sees a breakout. Further, the next resistance levels that will be tested are $90 and $101, but the same is unlikely given the peevish movement of Litecoin at press time.
The severely slumping price of Litecoin has been understated. Over the past two months, with LTC dropping by close to 50 percent in value, the coin has dipped below its 50, 100, 150, and 200-day moving averages. The last of the four was witnessed less than 10 days ago, on 14 August, as the price dropped by 10.27% over the day.
Back in May 2018, when LTC was priced at over $160, it slipped below the 200-day moving average. Since then, the price has dropped by 72 percent before moving over the indicator. A move over the same further pushed the coin up by 227 percent to $145 in June 2019. Hence, this indicator bears importance.
Further, the 50-day moving average is also, unsurprisingly, in a slump. If this bearish slump continues, to the degree which it is, the 50-day MA could dip below the 200-day MA, resulting in a death cross for Litecoin and thereby spelling a considerable time with the bears. The two indicators crossed over last on 15 March, when the 50-day MA moved above the 200-day MA. This resulted in a golden cross for digital silver. At the time, LTC was trading at $44.
It should be noted that Litecoin’s MACD indicator has signaled a move up as the MACD line shot above the Signal line on 23 August. Further, the histograms have turned positive for the first time since early August, indicating a mild move upwards.
A move out of the falling wedge would result in an immediate test of the $77 resistance level. However, this does rely on the volume moving upwards, as well as the MACD-over-Signal line scenario holding up for a while. On the other side, if the bears continue to maul the LTC market, the cryptocurrency could be in the perils of a death cross, which would signal a price slump for several weeks, if not months.
Litecoin Price Analysis: Make or break as LTC/USD tests key $65 support
- Litecoin price defends the $65 support by all means to avert the risks of sliding towards $50.
- The sellers remain largely in control of the trend especially with both the RSI and the MACD in critical selling zones.
Litecoin price is in shambles just like the other major cryptocurrencies in the market. Instances of recovery have been very rare since the declines kicked off on Monday. The gravitation, especially with Litecoin price has been relatively unstoppable. Expected support areas at $80, $75 and $70 have been left shattered and a pale shadow of what they once were. However, sellers have camped in the same very zones waiting to exert more pressure on the already battered bulls.
Meanwhile, LITC/USD is doddering at $68.48 after suffering a 3.35% loss on the day. An intraday high formed at $72.12 is now the ultimate short term resistance. Litecoin price, further explored the levels close to the key support at $65. The buyer congestion in the zone has pulled LTC upwards, however, there isn’t enough power to send the price above $70 (resistance area).
Litecoin price technical picture
The 2-hour chart shows Litecoin trading under a two-month-long ascending trendline. The trendline has in the past function as support (latest on February 20). Recovery above $70 could take a while especially now that both the RSI and the MACD are sending more bearish signals. Litecoin price is also trading below the moving average, which gives the sellers an upper hand.
If support at $65 caves in, LTC/USD could fall further toward the next zone at $50. However, consolidation at between $65 and $70 is likely to allow the bulls to refocus their attention on levels above $80 and ultimately $100.
LTC/USD 2-hour chart
Litecoin (LTC/USD) forecast and analysis on February 26, 2020
Cryptocurrency Litecoin (LTC/USD) is trading at 75.10. Cryptocurrency quotes are trading below the moving average with a period of 55. This indicates a bullish trend on Litecoin. At the moment, cryptocurrency quotes are moving near the middle border of the Bollinger Bands indicator strip.
Litecoin (LTC/USD) forecast and analysis on February 26, 2020
As part of the Litecoin course forecast, a test of the level of 73.10 is expected. Where should we expect an attempt to continue the growth of LTC/USD and the further development of the upward trend. The purpose of this movement is the area near the level of 81.60. The conservative Litecoin buying area is located near the lower border of the Bollinger Bands indicator strip at 72.10.
Cancellation of the option to continue the growth of the Litecoin exchange rate will be a breakdown of the lower border of the Bollinger Bands indicator stripes. As well as the moving average with a period of 55 and closing quotations of the pair below the area of 68.80. This will indicate a change in the current trend in favor of the bearish for LTC/USD. In case of breakdown of the upper border of the Bollinger Bands indicator bands, it is worth waiting for the acceleration of the fall of the cryptocurrency.
Litecoin (LTC/USD) forecast and analysis on February 26, 2020 implies a test level of 73.10. Further, growth is expected to continue to the area above the level of 81.60. The conservative buying area is located is near the area of 72.10. The cancellation of the cryptocurrency growth option will be the breakdown of the level of 68.80. In this case, we should expect continued fall.
Litecoin News Today – Litecoin LTC Price Lost 8% in the last 24-hours, February 25, 2020
- The price of Litecoin plummets by 8%
- Litecoin LTC price remains bullish against the USD
- Short-term upward movement for Litecoin LTC
Litecoin news today – The overall digital currency market has reportedly seen a sharp selloff at the opening on trade today. This selloff is primarily down to Bitcoin’s most recent rejection at the $10,000 area. This action sent the price of the number one asst reeling back to $9,500. Which in turn led the majority of altcoins including the price of Litecoin down. Altcoin’s saw some notable downside in the last 24-hours. Today’s digital currency market-wide bloodbath, might not be enough to give any validation to Litecoin’s bullish market movement. This is because the crypto is still trading well above its important near-term support position. This strong support has led one analyst to note that LTC’s mid-term outlook is “insanely” bullish, suggesting it could soon incur some notable upwards momentum.
Litecoin (LTC) Price Today – LTC / USD
Litecoin LTC Price Plummets by 8%
Litecoin News Today – As of when this content has published the price of LTC was trading downwards having lost 8% in the last 24-hours with a current price of $72.50. This move marks a significant drop for the coin from its daily high point of $80 that was set yesterday at the time that the price of Bitcoin began to rally to the $10,000 area. Something that failed to happen as the coin stayed at $9500. The firm rejection that Bitcoin price saw at $10,000, has now sparked a short-term market selloff which has sent shock waves, with multiple major digital coins plummeting well over 5%. Against Bitcoin (LTC/BTC) trading pair, the price of Litecoin has plummeted by 5% in the last 24-hours. According to a digital currency trader known as Bitcoin Jack, LTC’s current price trend in correlation to BTC comes from several bearish factors. These factors have been expressed by the coin in the last few days.
Litecoin LTC Remains Bullish Against the USD Regardless
LTC news today – Note that despite the overt bearish pressure indicated in Litecoin’s short-term market structure, the bulk of crypto analysts are of the view that the price of LTC could see some form of mid-term upward action against the USD. George, one well-respected crypto trader, explained that he purchased LTC recently and that the coin’s weekly close still looks insanely bullish. He also added that the coin’s price will remain on the bullish side as long as it can hold above the key support area at roughly $65. If the coin continues to move higher in the week ahead. Even though Litecoin’s overall market trend may appear dependent on the action of Bitcoin and what the aggregated market becomes, it will appear that LTC is set to see further short-term upward movement in the coming days.