After a sharp decline yesterday, Litecoin (LTC/USD) drifted all the way below the lowest point of December 2019, at 35.18. Today, the crypto continues to balance below that barrier, this way maintaining the bearish atmosphere for now. As long as the price remains below that hurdle, we will continue aiming lower. Overall, LTC/USD is still trading below its medium-term downside resistance line drawn from the high of June 12th, 2019.
As mentioned above, if the 35.18 barrier continues to act as a good resistance, we may see another slide, which could drag the crypto to the lowest point of December 2018, at 21.36. Initially, that area might stall Litecoin for a bit, but if the sellers are still feeling more comfortable, a break of that area could send the price to the 17.60 level, marked by the low of May 27th, 2017.
Our oscillators, the RSI and the MACD, are still leaning somewhat to the downside. Although the RSI is currently pointing slightly higher, it still remains below 50 and closer to the 20 mark. The MACD continues to point lower, while sitting below zero and its trigger line.
Alternatively, if the price climbs back above the aforementioned 35.18 hurdle, or even travels above the 45.93 barrier, marked by the low of March 9th, this might lead to a larger correction to the upside. That’s when we will target the 52.92 hurdle, a break of which could clear the way to the 62.88 level, marked by the high of March 6th.
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