Litecoin Breaks Way Below $70, Is It Retracing to Bears Eye?

Fibo Quantum

  • Litecoin price falls below $70, testing support near $65 and $70.
  • LTC seems retracing the bearish path.
  • LTC trading price is currently not supported by any moving averages.

Litecoin traces a downward path and plunges below $70. This dip has given a new 90-day low price and is fearing an even deeper pullback. Litecoin along with many cryptocurrencies of the market have undergone a steep decrease along with Bitcoin. The major question that lies is whether this will be an extended fall pushing the coins from where they started the year, or will it recover?

LTC to USD Price Chart by TradingView:

The below Litecoin price chart is a data feed taken from Coinbase as on 29th August at 11:39 UTC.

Litecoin (LTC) Price
LTC Price Chart by TradingView

Tracing 15 mins movement of LTC/USD on Coinbase in the past 24 hours show that yesterday the coin was initially trading around $72.57 just above $70. With almost a flattish trend, LTC price traded at $71.59 around 18:00 UTC. In just no time, Litecoin value decreased by 10.25% leading it to trade below $70 at $64.25. Currently the coin is slightly above lowest in said time frame and the 90-day low as well.

Bitcoin being the anchor can be an influential factor to lead other major coins and the altcoins towards this heavy dip.

Technical Indicators:

The coin has slipped into solid selling pressure zone just like any other major coin falling by a substantial number.

The current trading price of LTC is 9.68%, 9.17% and 37.31% less than the short-term moving averages i.e. 10-day EMA and 10-day SMA along with the 100-day SMA.

The MACD has slid in negative array since the drop below $70 but it just had a slight crossover with a bullish sentiment. RSI remains slightly below 50 but exhibits no extremities.