The Litecoin worth is strolling a tightrope at $140.00. Moreover, the technicals point out that LTC may very well be heading again to $100.00.
Litecoin is buying and selling at $140.90, down $3.05 (-2.78%).
Regardless of Ethereum’s cost skywards during the last week, LTC has traded broadly sideways. In fact, the Litecoin worth is extra correlated to Bitcoin than ETH.
Over the weekend, Bitcoin was surprisingly robust. Nonetheless, the rally light yesterday night, and BTC has drifted $1,500 decrease from its $35,800 excessive. Moreover, the brief time-frame charts look like breaking down. This will likely heap further stress on Litecoin.
Litecoin worth forecast
Wanting on the each day chart, there are some clearly detrimental developments. Firstly, the Litecoin worth is beneath the main, 50, 100, and 200-day shifting averages ($170.90, $188.73 and $178.36). Moreover, the 50-day has crossed beneath the 100 and accomplished a death-cross beneath the 200 DMA.
Secondly, LTC has been locked in a downtrend for the reason that twenty first of Could. This restrictive line is at the moment seen at $155.00. This needs to be considered as the primary resistance stage.
Moreover, Litecoin has been constructing a bear flag formation. The decrease finish of this sample is at $140.00 and crucially just under the present worth.
If Bitcoin continues decrease immediately, the Litecoin worth is more likely to lose this necessary help stage. Ought to that occur, a return to the twenty second of June low at $104.17 seems to be doable.
So long as LTC stays beneath the pattern line, and extra importantly, the important thing shifting averages, the outlook will proceed to be detrimental.
LTC each day chart
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