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- Litecoin was unable to beat the major resistance level of $50.00 resulting in a negative downfall on Friday’s trading session.
- The LTC/BTC pair is also performing negative with an overall loss of -4.63% bringing the current level to 0.00416538
The weekly chart highlights the attempt of Litecoin to surpass the major resistance level of $50.00 which was unsuccessful. Also, at the end of the price levels, we can observe a straight negative dip due to the ongoing downtrend faced by the cryptoasset. The CMP is at $47.39 facing an overall loss of -4.27% bringing the market capitalization to $3,112,467,580 with the 24-hour volume traded of $2,534,200,526. On the downside, the digital asset is having a major support level of $45.00.
Technical Levels for LTC Drops Abruptly
The technical chart highlights the downtrend faced by litecoin in the past month which is later followed by a price recovery action in the current month with the help of the overall bullish sentiment in the market. However, the price correction activity in the market came up when the cryptoasset was battling with the major resistance level of $50.00. The fib retracement level shows that there is a strong resistance that is placed at 0.382 and the current support is placed at 0.236 which is looking very weak in front of the bears as of now.
The directional movement index is showcasing extreme bearish nature as -DI(34.30) has taken a sharp positive jump while ADX(22.44) and +DI(8.57) are downturning.
The commodity channel index has reached the depth of the oversold region which can bring some recovery actions with the current level of -223.70
The relative strength index is about to reach the oversold region and a positive divergence from here can revive the buying volume somehow. The current level stands at 32.86
Will Litecoin Face Further Damage in Upcoming Days?
The technical levels and the overall market sentiments are currently not in the favor of the cryptoasset. However, the sudden drop to the price level of $47.00 has put a rational buying opportunity in front of the investors. On the downside, it has a major support level of $45.00 which can prevent any further price damage given by the bears.
RESISTANCE LEVEL: $50.00
SUPPORT LEVEL: $45.00
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Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
