Litecoin is one other cryptocurrency which has suffered some main losses in the course of the huge crash in Might and the second leg in June. It was doing fairly nicely till the center of Might, being within the group of cryptos which continued the bullish pattern till the center of that month, whereas most of this market stopped making new positive aspects for the reason that center of April.
Though, Litecoin couldn’t make new highs and enhance above 2017 highs of $420 and stopped quick at $414. That was an indication that LITECOIN was going to fall out of affection in some unspecified time in the future and that didn’t take lengthy, earlier than the large crypto crash got here in June, as China began the crypto crackdown, closing Bitcoin mining farms.
This yr has been extraordinary concerning excessive charges in some main cryptocurrencies. However Litecoin may’ve proved its price, with it’s comparatively decrease transaction and mining charges. For a lot of, it turned the cryptocurrency of selection for sending cash all over the world with out paying an exorbitant charge.
Litecoin has managed to keep up robust lively addresses over the previous few months additionally, regardless of of the worth drop. But, these constructive elements usually are not serving to Litecoin recuperate because it retains making decrease highs. Shifting averages preserve pushing it down, with the 20 SMA (grey) appearing as resistance on the every day chart for a couple of month.
The highs preserve getting decrease because the 100 SMA pushes LTC/USD down
On the H4 chart above, the 100 SMA (inexperienced) has been the last word resistance since early Might, pushing the highs decrease and forcing Litecoin to interrupt under the June low at $120. The worth fell to $105 in June, however reversed up once more, though we’re not seeing any new highs.
The tempo of the decline has diminished for now, which reveals nice uncertainty as nobody is taking cost in both path. We’re following the worth motion and can attempt to go lengthy on Litecoin close to the primary help at $108. Though, not after some consideration down there, as a result of the worth may slip to $105, which might be a fair higher place to go lengthy, nevertheless, you possibly can observe our signals page for dwell trades.