- The 50 SMA is holding the price around $97.22 while the price is fighting to break above the short-term resistance at $98.00.
- LTC/USD must battle to find a support above $100, gather momentum to attack the supply zone at $106.
The market has turned red again on Friday and only a handful of the top 20 assets are in the green. Bitcoin price is down over 1% on the day and on verge of further declines. Ethereum has also engaged reverse gear beside it has corrected lower over 2%. Ripple price closes the top three coins by market capitalization with a drop of over 2% while changing hands at $0.54.
Litecoin price, on the other hand, is currently changing hands within an ascending channel. Despite the subtle lower corrections after trading above $102, it has maintained a general uptrend as seen on the 15-minutes chart. The 50 SMA is holding the price around $97.22 while the price is fighting to break above the short-term resistance at $98.00. The 100 SMA will limit the gains above $98.00 but the zone at $100 is a significant hurdle.
Litecoin is the 6th largest cryptocurrency and currently has a market capitalization of $5.58 billion while its trading volume as per CoinMarketCap is $356.6 million. Litecoin price explored lows marginally below $90.00 mid-week, but the buyers entered and pushed the price above the resistance at $94.00 as well as $100.
LTC/USD must battle to find a support above $100, gather momentum to attack the supply zone at $106 before recoil towards the key resistance at $110. However, a slide to $94.00 could see Litecoin price free fall below $90.00, a move that could have it testing $80.00 in the medium-term.
LTC/USD 15-minutes chart
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