|Key LTC resistance levels:||$90, $87.81, $82.97, $80, $74.72, $70.82.|
|Key LTC support levels:||$97.18, $100, $102, $104, $110, $114, $118, $120|
*Price at the time of writing
Litecoin has seen another 5% price decline over the past 24 hours of trading, which has brought the price for the cryptocurrency back beneath $100 to where it currently trades at a price of around $91. This price drop is largely due to Bitcoin falling back underneath $10,000 today which has helped the monthly decline for Litecoin to reach -32%.
Litecoin remains ranked in the 4th place amongst the top cryptocurrency projects by market cap value as it presently holds a $5.77 billion market cap value.
Litecoin Price Analysis
What Has Been Going On?
Looking at the daily chart above, we can see that Litecoin had previously rebounded at the $77.45 level. However, during the rebound, it seems that Litecoin was unable to overcome resistance at the $102 level. This resistance is largely provided by the 100 day EMA and Litecoin is struggling to break above which has caused Litecoin to drop back below $100 to where it trades at around $91.16.
Litecoin Short Term Price Prediction: Bearish
Our prediction must remain bearish at this moment in time. We have seen lower lows and lower highs which is a strong mark of a bearish market.
If the sellers continue to drop the market beneath the support at $90, which is further bolstered by the 200 day EMA, we can expect immediate support toward the downside to be located at the short term .786 and .886 Fibonacci Retracement levels priced at $84.77 and $77.45.
If the bears continue to push the market beneath $75, further support toward the downside can then be located at the $74,72, $70.82, $67.74 and $63 levels.
What If The Bulls Regroup And Take Control?
Alternatively, if the bulls can defend the support at the 200 day EMA, we can expect immediate resistance to be located at the 100 day EMA around $102. If the bulls can break above this level, the next level of higher resistance is then to be expected at $110, $114, $119 and $125.
What Are The Technical Indicators Reading?
The RSI itself has recently been turned away from an attempt to break above the 50 level. This is a very strong bearish sign as it shows that the sellers are still in complete control of the market momentum moving forward. Furthermore, the Stochastic RSI has recently produced a bearish crossover signal in overbought territory which is a sign that the market is still yet to head further lower.