- LTC / USD has taken back the downside in the middle of the sale of glopbal crypto.
- Critical support is created from $ 30.00 handle.
Litecoin has been falling more than 6% in the last 24 hours, trading at $ 32.4 at the time of writing. The seventh largest digital currency with a market value of $ 1.9 billion is steadily declining from the start of the month in sync with other altcoins. Litecoin lost over $ 43 from its recent peak to $ 56.55 on November 7th.
In intraday charts, LTC / USD is limited by a resistance zone of $ 35.00. This psychological level has stopped the recovery before this weak, creating a formidable barrier for the short-term Litecoin bulls. Once eliminated, the recovery can be extended to $ 36.00 with the approaching short-term trend line, and to DMA5 (now at $ 37.54).
The Relative Strength Index (RSI) and momentum indicators are starting to reverse, however, this signal must be confirmed by price dynamics. A sustainable move above $ 40.00 critics risks mitigating immediate downward pressure. However, we need to spend $ 50.00 and $ 50.56 (DMA50) to have a possibility of extended inversion.
On the downside, the Asian minimum of $ 30.55 could slow down the sell-off before $ 30.00 critics. This area may attract speculative credits, but if it is liquidated, the price will enter an unexplored territory with the potential to fall to $ 25.00, the lowest level since June 2017.
LTC / USD, 4-hour chart