Litecoin has been struggling slightly after falling by 1.29% over the past 24 hours, bringing the current price down to $132.68. The coin met resistance a few days ago at the $145 level and subsequently started to decrease. The latest price drop can largely be attributed to Litecoin’s substantial decline against Bitcoin.
Litecoin currently sits on a market capitalization of around $8.24 billion. It has been unseated by Bitcoin Cash which took the place of the fourth largest cryptocurrency by market cap. Despite the recent price stagnation, LTC is still up by 117% over the past 3 months, as traders have started to build their positions ahead of the block halvening that’s scheduled for early August.
Looking at the LTC/USD 1-day chart:
- Since our previous Litecoin price analysis, LTC has gone on to climb toward the expected resistance at $145.32. However, the market subsequently rolled over, and from there Litecoin found support at $130, allowing it to bounce back toward $132.
- From above: The nearest levels of resistance now lie at $136 and $140. Above $140, the next level of resistance is $145.32 (the bearish .786 Fib retracement level) and then at $150. If the buyers continue above $150, further resistance is found at $153.82 and $160.99 (.886 Fib retracement level).
- From below: The nearest level of support lies at $130. Beneath this, further support stands at $126.40, $122.40, and $120. If the sellers push the price of LTC beneath $120, support can be expected at $118.99, $107.99, $103.50, and $100.
- The trading volume has remained above average over the past few days.
- The Stochastic RSI recently slipped into overbought territory, which suggests that the selling may be coming to an end over the next few days as we wait for a bullish crossover signal above.
Looking at the LTC/BTC 1-day chart:
- Against Bitcoin, Litecoin has been struggling heavily, causing damage to the LTC/USD market. LTC has been falling against BTC since reaching resistance in early June at 0.01731 BTC. The coin went on to drop beneath both the 100-day EMA and the 200-day EMA to where it currently trades at 0.01175 BTC.
- From above: The nearest levels of resistance lie at 0.012 BTC, 0.0125 BTC (200-day EMA), and 0.0135 BTC (July 2018 high). If the bulls continue above 0.0135 BTC, higher resistance stands at 0.014 BTC, 0.0145 BTC, 0.015 BTC, and 0.01610 BTC.
- From below: The nearest level of support now lies at 0.01128 BTC. This support is considered strong, as it provided strong support for the market during May 2019 and also constitutes a long-term .618 Fib retracement level. Beneath this, further support can be found at 0.0111 BTC, 0.0106 BTC, 0.01 BTC, and 0.0093 BTC.
- The trading volume has remained high but below the recent average.
- Both the Stochastic RSI and the RSI itself suggest that the selling may be coming to a close as they approach oversold trading conditions. If the Stochastic RSI can produce a bullish crossover signal near the 0.0112 BTC support level, we may see the LTC/BTC market rebound.
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