Litecoin price analysis: LTC / USD slides below 38.2% of Fibo due to the twofold induced by the twins

  • LTC / USD bulls are losing their enthusiasm
  • The price must remain above the $ 55.00 commitment

Litecoin, the seventh digital asset with a market value of $ 3 , 3 billion, rose from $ 55.70, down 0.46% a daily basis. The average daily trading volumes of the currency are set at $ 256 million, which is the long-term average. The movements of LTC are dominated by the broader feelings of the cryptocurrency market in the absence of specific Litecoin fundamentals.

Litecoin Technical Framework

Technically looking, a sustainable break under the support of $ 55.56, created by Fibo's 38.2% retracement level for the downward movement from September to $ 69.30, could push the price towards $ 55.00 and $ 54.40 psychologically important (SMA200, 1 hour). Here's where new buying interests can appear.

On the upside, the first resistance is seen at $ 56.00, followed by SMA50 (1 hour chart) to $ 56.79. Once this area has been canceled, the shot could be extended to the short-term final goal at $ 60.00.

Fundamentally, Gemini's announcement of the forthcoming Litecoin support has increased LTC prices, but the market reaction has proved to be short-lived. The news was revealed during the Litecoin Summit by Eric Winer, vice president of the exchange, on September 14

"We are working to add Litecoin … we are pleased to announce that Gemini will launch support for Litecoin starting October 13, 2018! "

LTC / USD, 1 hour chart

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