Litecoin Currently Amounts to about $31% Loss from the Monthly High

Fibo Quantum

  • On August 26, 2019, the price of LTC went up by 1.22% after a sudden price increase only to dive into red again.
  • Litecoin (LTC) is turning bullish on the mid-term RSI indicator since August 15 sharp bounce.

Earlier this month, Litecoin’s price saw a stunning drop below the $100 following a severe selling pressure from $107.1 high. Up until now, Litecoin remains under bearish control. Looking at the current market, the LTC price is changing hands at around the $73.7 price levels, amounting to a roughly $31% loss from the monthly high.

Litecoin (LTC) has now found a price range within a wedge pattern for the past ten days. The last 12-hours trading has now brought the price action in an indecisive state. As suggested in the technical indicator, Litecoin may fall back low.

Litecoin (LTC)’s Current Statistics

Trading Price: $73.7

Market Capitalization: $4,701,727,925

Trading Volume: $3,053,214,151

Key resistance levels: $75, $79, $82

Key support levels: $71, $68, $65

Litecoin (LTC) Price Analysis August 26-27, 2019

Litecoin (LTC) is maintaining a downtrend on the 4-hour chart, carving a wedge pattern. The price of LTC has touched the wedge’s upper boundary as price now appears choppy. Litecoin is reaching a tight range on the wedge, and we can expect a surge in volatility to occur. A wedge break-up may raise the market to a short-term resistance at $75, $79 and $82 levels.

LTCUSD, 4H Price Chart – August 26, 2019

Meanwhile, Litecoin’s volume has been drastically low over the past weeks. The price may keep falling if the bearish pressure remains dominant. We can expect the market to further fall (s) at $71, $68 and $65 supports. Whichever way the market trends, the bears are still gaining control of the market on a long-term.

Conclusively

As long as Litecoin’s price remains in a wedge, we might continue to see a downward range. If the bulls can assume control of this trade, the LTC/USD pair would kick-start a bull run.

Technical Indicator Reading

Since August 15, the RSI is showing a positive sign as the trend slowly rises towards the highest level.

The Stochastic RSI for Litecoin is currently overbought as price may fall if a cross down occurs.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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