- LTC / USD is losing ground in sync with other altcoins.
- The Litecoin bear will stop short of $ 50.00.
Litecoin changed hands to $ 52.57, down 1.7% in the last 24 hours. The seventh largest currency by market value has a capitalization of $ 3.1 billion, while average daily trading volumes have reached $ 371 million, in line with long-term average data.
Litecoin is moving in sync with the feelings of the global cryptocurrency market as there is little in the way of fundamental news that could have influenced price dynamics. Technical factors and a bit of apathy manage the cryptic show at this stage.
In daily charts, LTC / USD is back under DMA50 (now at $ 55.17), which gives the image a bearish touch. However, the neutral position of the Relative Strength Index (RSI) and the weak momentum imply that the currency is likely to remain in a range with the bottom edge created by $ 50.00 handle. Once broken, the sell-off could continue towards the recent low of October 29th at $ 47.69. This is where new buyers will enter the game and start the rebound.
On the upside, we must return above the DMA50 to mitigate downward pressure; however, only a sustainable move above DMA100 at $ 57.46 will return the currency within the bullish trend with the next major target at $ 60.00 psychological followed by the September 4 recovery max at $ 69.40.
LTC / USD, the daily chart
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