LTC/USD pressing against $70 rock-solid support

Fibo Quantum

  • The bearish pressure since the beginning of August has continued to push Litecoin against critical levels.
  • Litecoin is on the verge of extending losses below the critical $70 level.

Litecoin bulls are struggling to keep the price above the vital $70 support area. The bearish pressure since the beginning of August has continued to push Litecoin against critical levels. The hype surrounding the reward halving on August 5 painfully lost steam culminating in declines that have ravaged past tentative support areas at $95, $90 and $70.

The price is teetering around $7.89 amidst a growing bearish momentum. Recent price actions tried and failed to sustain growth above the 50 Simple Moving Average. Besides, the descending trendline resistance continues to render advances by the bulls unsuccessful.

Technically, Litecoin is on the verge of extending losses below the critical $70 level. The stochastic oscillator in the 4-hour timeframe is buried deep in the oversold. This is signaling rising selling activity in the coming sessions. Similarly, the stronger bearish momentum is visibly highlighted by the Moving Average Convergence Divergence (MACD) currently at $-0.4052.

LTC/USD 4-hour chart