Litecoin facing rejection of 50-DMA makes falling channel pattern.

  1. Litecoin is trading in the falling channel pattern losses over -12.52% in today’s trading session after testing 50-DMA on the higher side 
  2. The pair of LTC/BTC is trading at 0.00417543 BTC with intraday loss of -3.54%
Source: tradingview

Litecoin price in USD is trading at $72.69, with an intraday loss of -12.25%. The monthly chart indicates the clear uptrend but at the same time facing resistance at $93.85 as the supply zone at higher side. After the bullish movement, LTC hits the new 52-week high of $93.85, but the profit booking pulls it to lower levels of $65 can be considered as the support level on the downside. While significance recovery is seen as it travels in the rising channel pattern but after hitting the supply zone multiple times a sharp fall is observed in Litecoin price, and it is facing the resistance of 50-DMA heading towards the lower level of $65 which is a support for a short term. The support on the lower side is placed at $65, and strong support is at $50, while on the higher side resistance is at $93.50 and $145 for the long term. 

Source: tradingview

The daily chart of Litecoin (LTC) is trading in a falling channel pattern after facing the resistance of 50-Day moving average. Currently, LTC/BTC is trading at $72.69, with an intraday loss of -12.25%. Volume recorded in the last 24-hours is $4,849,614,906 and total market capitalization stands at $4,945,740,644. For intraday, it has support at $70, and resistance is at $81. 

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The Relative Strength Index (RSI) which indicates the strength of XRP is trading at 36.70, however, heading towards the overbought zone after a fall from higher levels and indicating a sign of recovery.

Directional Movement Index (DMI) is trading with the significance of -DI over +DI indicating bearish momentum; however, a -DI line and +DI line is still trading parallel to each other.

Moving Average Convergence Divergence (MACD) which indicates the trend and currently it indicates the bearish trend on the intraday chart as gives negative crossover with the significance of Bear’s line (red) over Bull’s line (blue), however, a positive crossover is observed. Still, it can’t give confidence to traders as lines overlapping each other. 

Resistance levels: $93.50 and $145 

Support levels: $65.00 and $60.00

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Pratik Chadhokar
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.

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