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- LTC / USD gains 1.3% but the upside is limited.
- Critical support is $ 30.00.
Litecoin is around $ 34.00, earning 1.3% in the last 24 hours. The seventh largest currency by market value has a capitalization of $ 2 billion, while average daily trading volumes have reached $ 262 million, in line with long-term average data.
While Litecoin moves in sync with the global cryptocurrency market, today it is the currency with the best performances out of the top-10. The price is driven by speculation and technical factors without fundamental factors to support the momentum.
In daily charts, LTC / USD is limited by DMA5 (now at $ 37.54), which gives the image a bearish touch. Furthermore, the Relative Strength Index (RSI) and momentum indicators do not yet show signs of recovery. The currency must clear the above DMA5 and $ 40.00 critical to mitigate the immediate downward pressure. However, the hinge resistance is created from $ 50.00 and $ 50.56 (DMA50).
On the downside, November 20 to $ 30.75 is likely to halt the sell-off and attract new speculative buyers. However, if this level is broken, the downward momentum will gain traction and will bring the coin to $ 25.00, the lowest level since June 2017.
Litecoin has been falling for seven consecutive months without clear signs of a long-term trend reversal.
LTC / USD, the daily chart
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