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.
PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.