Litecoin broke under a short-term uptrend to resume its long-term shift
Litecoin returned to its bearish trend as it was rejected on a resistance test and fell into the interest of the central channel. This aligns with the 50% extension of Fibra just below the psychological mark of $ 50.
Increased selling pressure could bring litecoin to the bottom of the channel with an extension of 61.8% or $ 45. From there, a steady decline could lead to a 78.6% extension test at $ 38 or a full extension closer to the psychological mark greater than $ 30.
I 100 SMA have surpassed the long-term 200 SMA to suggest a bullish yield moment, but it seems that moving averages are simply fluctuating. Another bearish crossover could bring more sellers and allow the selloff to gain traction.
The RSI is hovering near the oversold territory and may be ready to grow taller, reflecting a return under bullish pressure. Stochastic has a bit of space before indicating oversold conditions, so bears might have a little bit of money. more energy to push the price before a bigger rebound is seen.
Cryptocurrencies are in a state of instability these days, and it does not help that the current selloff is allowing bitcoins to exert their dominant position in the market. This makes the rebound of small altcoins even more difficult, especially because traders await positive catalysts.
Many are keeping their fingers crossed that the SEC ruling on bitcoin ETF applications could serve as a catalyst for a rebound in the industry. year, but recent events suggest that the regulator could still issue a denial.
Please note that the SEC has announced a suspension on the trading of a pair of cryptographic titles, citing the confusion among customers on the underlying market. This suggests that the regulator could take the same reasoning to make a decision on the ETF proposals, even if they have already examined a previous refusal.