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- Litecoin corrects 1.8% less than the day the cryptographic market remains in red.
- In the background there may be an uptrend.
The market is in red on Tuesday. However, yesterday there was a marginal recovery in the market. The price of Litecoin, for example, was rebounded from support to the Fibonacci retracement level of 38.2% taken between the highs of $ 41.59 and the lows of $ 22.62. The bullish correction managed to break Fibon's 50% level, but lost $ 34.00.
Litecoin began trading this year with a strong upward impulse. The bulls maintained their position above trendline support by trading higher highs and higher lows. In fact, there was a break above the resistance at $ 40. Unfortunately, they could not sustain the momentum as the trend culminated in a lower correction that was reduced to $ 30.00.
Meanwhile, Litecoin is trading at $ 31.8 and is below 1 hour's simple moving average (SMA). The price is dancing with the 50 SMA, while the immediate rise is limited by the 100-day SMA. LTC buyers must push the crypt above $ 34.00 so they can embark on a $ 40.00 psychological recovery journey.
On the downside, if the current downward trend progresses, LTC / USD should find shelter at $ 30.00 (Fibonacci's 38.2% level). Below this level, buyers will take comfort at the recent lows around $ 22.5.
Taking a wider look at the chart, an uptrend could be prepared in the background as the Moving Average Convergence Divergence (MACD) is uptrend from the decline to -1.57. Likewise, the Relative Strength Index (RSI) on the same chart has defended its position above the oversold region. Also, he recovered up to the current position at 50.00.
Chart at 1 LTC / USD
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