Litecoin (LTC), the sixth-largest digital asset with the current market capitalization of $2.8 billion, has been losing ground gradually. LTC\/USD has lost about 1.5% of its value in recent 24 hours to trade at $43.40 at the time of writing.<\/p>\n
In the absence of the relevant fundamental news, LTC\/USD is moving sync with the market, vulnerable to bearish sentiments ahead of the holiday season. As the liquidity is decreasing, the coin may demonstrate sharp movements in either direction.<\/p>\n
On a daily chart, LTC\/USD is sliding down inside a narrowing range, with the initial support located at psychological $43.00. This barrier stopped the sell-off during early Asian hours. If it is broken, the lower line of the daily Bollinger Band at $42.70 and the lowest level of the previous month $42.16 will come into focus. Once it is broken, the sell-off may be extended towards the psychological $40.00. This support is likely to slowdowns the bears and initiate an upside correction. Otherwise, the bearish trend will tricker more sell orders and exacerbate the decline.<\/p>\n
On the upside, the initial upside barrier is created by the middle line of the daily Bollinger Band currently at $45.80. It is followed by $48.50 ( the upper edge of the daily Bollinger Band) and psychologic $50.00. If the price moves above this barrier, the upside momentum will increase and allow for a recovery to the pivotal resistance created by SMA50 (Simple Moving Average) daily at $53.35. LTC\/USD has been trading below this line since November 18. Another strong resistance awaits us on approach to $58.00 (SMA100 daily) and $59.50 (SMA50 weekly).<\/p>\n
The daily RSI (Relative Strength Index) is flat, close to the oversold territory, which implies that the coin is likely to continue range-bound trading with bearish bias.<\/p>\n<\/p>\n
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Litecoin (LTC) Price Analysis: LTC\/USD on a trip to the South; the next stop is $40.00 - FXStreet<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Litecoin (LTC), the sixth-largest digital asset with the current market capitalization of $2.8 billion, has been losing ground gradually. LTC\/USD has lost about 1.5% of its value in recent 24 hours to trade at $43.40 at the time of writing. In the absence of the relevant fundamental news, LTC\/USD is moving sync with the market, vulnerable to bearish sentiments ahead of the holiday season. Continue reading