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Litecoin technicians can keep bears at bay

  • Litecoin has lost another 5% of its value.
  • The technical configuration indicates a slight recovery.

Litecoin is changing hands at $ 28.35, down more than 5% in the last 24 hours. A sell-off in the cryptocurrency market has dragged the currency into a downward trend due to the low liquidity of the market and the high level of uncertainty. LTC / USD lost more than 23% from the recent peak reached at $ 37.12 during the Santa Claus rally.

Technical framework of Litecoin

At the intraday level, LTC / USD broke below the short-term bearer channel, so its lower boundary now serves as a resistance level approaching $ 28.50. Once eliminated, the upside can be extended towards $$ 29.00 and $ 29.85 (SMA50, 1 hour). Furthermore, a strong obstacle lies in the psychological $ 30.00 followed by the upper boundary of the said channel at $ 0.3030.

On the downside, if we release $ 28.00, the sell-off may continue towards the recent low of $ 27.80 and $ 25.00. However, considering that the Relative Strength Indicator and Moment Indicator are starting to reverse, bears may have difficulty pushing the coin below local support levels.

LTC / USD, 1 hour

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