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- Litecoin has dropped below the $ 40 handle for the first time since September 2017.
- The market crash has found support for the $ 37 hand, but it is unlikely to keep it in the long run.
- Forward support: $ 37, $ 36.54, $ 34.25, $ 30.96, $ 28.01, $ 27, $ 26, $ 24.72, $ 21.52.
- Forward Resistance: $ 40, $ 43.79, $ 49.21, $ 50, $ 53.69, $ 57.35, $ 60, $ 62.
litecoin saw a further fall in price as the market slips under the $ 40 handle at the lowest price seen in 2018 at $ 37.07 at the time of writing. Litecoin has seen a 13% price drop in the last 24 hours of trading and a further 27% price drop in the last 7 trading days.
litecoin it is currently ranked 7th in the overall ranking of market capitalizations, with a total market capitalization value of $ 2.19 billion. It has seen a turbulent 30-day trading period as the market has witnessed a precipitous decline in prices of 30.82%. The 67-month project is now trading at a lower value of 89% compared to the all-time high price.
We continue to assess long-term LTC / USD and assess market behavior.
Litecoin price analysis
LTC / USD – LONG TERM – DAILY TABLE
By analyzing LTC / USD from the long-term perspective above, we can see that price action has reached a low level not seen since September 15, 2017, when the market had fallen to a low of $ 32.45.
The market has now also placed the low of 2018 just fell below the $ 40 handle. We can see that during the month of November 2018, LTC / USD had fallen below support at $ 53.69, and continued to go down until you reach the current level of support at 1.27 Fibonacci Extension (drawn in purple) for $ 37.07.
We try to continue to analyze the price action a little bit more closely in the short period of time and to highlight some potential supports and resistances that go on.
LTC / USD – SHORT TERM – DAILY TABLE
Taking a closer look at the LTC / USD, we can immediately see that price action remained relatively stable throughout September and October 2018. The market had maintained the short-term 1.141 Fibonacci downtrend (drawn in turquoise) ) for $ 49.21.
However, when the month of November began to negotiate, price action collapsed below support.
The market fell into the aforementioned support at the $ 37 command. We can see that this support is further strengthened by the 1.618 Fibonacci extension (designed in turquoise) for $ 37.51.
Going forward, if sellers continue to drive the price of falling Bitcoins, we can expect that even LTC / USD will continue to fall. In this bearish scenario, we can expect immediate support below the short-term levels of 1,272 and 1,414 Fibonacci Extension (drawn in green), with a price of $ 36.54 and $ 34.25 respectively.
Further support below this can therefore be placed in the long term 1,414 Fibonacci Extension level (drawn in purple) for the price of $ 30.69.
If the bearish momentum continues to push LTC / USD down to new lows, the market may see further support at $ 28.01, followed by $ 24.74.
On the other side of the equation, if the $ 37 support remains valid and price action starts to recover, we can expect the immediate resistance above to be located at the psychological round number level at $ 40. .
If buyers continue to push the market above the $ 40 handle, we can expect more resistance and then find ourselves at the previous medium-term downtrend 1,272 of the FIbonacci extension level (drawn in red) for $ 43.79. The following resistance is expected at level 1.414 Fibonacci Extension (designed in turquoise) for $ 49.21.
If the bullish rise can continue above the $ 50 handle, we can expect further resistance to be at $ 53.69, followed by the Fibonacci extension level of 1,227.2 (drawn in turquoise) for $ 57.35.
RSI is currently trading in extreme oversold conditions as it has been trading at a level not seen since December 2016. CSR will have to rebound towards the 50 handle in one phase but the bearish moment does not show signs of slowing down right now.
We continue to analyze Litecoin against long-term Bitcoin and evaluate the dynamics of the market.
LTC / BTC – LONG TERM – DAILY TABLE
By taking a look at Litecoin against long-term Bitcoin, we can see that the last 7 months have been difficult for Litecoin.
Price action continued to decline throughout the year until a relative period of stability emerged during August 2018 when price action reached downside support 1.272 Fibonacci Extension level (drawn in red) at the price of 0.008306 SATS.
When the market reached this level of support, it proceeded to negotiate sideways in September and October 2018. However, in November we can see that the price action for LTC / BTC has slipped further towards support at the 1,414 Fibonacci Extension bearish level, priced at 0.007159 SAT.
Let's take a closer look at the price action for LTC / BTC over the last few months and highlight some potential areas of support and resistance that go on.
LTC / BTC – SHORT TERM – DAILY TABLE
After a close inspection of LTC / USD, we can see that the price action had reached the support at the 1.272 Fibonacci Extension downtrend at the price of 0.007042 SATS before bouncing back on 19 November 2018.
If the price action closes below this level of support in the next trading sessions, we can expect additional underlying support to be located at the 1.618 Fibonacci Extension level in the short term (drawn in green) at the price of 0.006829 SATS, followed by the downside 1.414 Fibonacci extension level (traced in blue) at the price of 0.006366 SATS.
If the bearish sentiment continues to decrease LTC / BTC even lower, we can expect a range of support around the SATS handle of 0.005500.
RSI is negotiating close to oversold conditions within this market, indicating that sellers are in complete control of the market momentum. For a signal that the bearish moment is fading, we can look for the RSI to start its recovery towards the 50 handle.
