- Litecoin is moving down together with other altcoins
- Litecoin Foundation sponsors sports event.
Litecoin is changing hands at $29.78, having lost over 5% in the recent 24 hours. A strong sell-off on the cryptocurrency market dragged the 8th largest digital asset down, creating a short-term bearish trend. LTC/USD hit $37.12 on the Christmass eve and shortly spiked above DMA50 for the first time since November 6. Litecoin’s market value is registered at $1.79B and average daily trading volumes $463M.
Litecoin’s technical picture
On the intraday level, LTC/USD is moving within the short-term downside channel with the support created at $29.00. This area is likely to stop the bears and create favorable conditions for a rebound towards the upper line of the channel (currently at $31.15). A sustainable move higher is needed to mitigate the immediate downside pressure and push the price towards the next upside target at $31.75 strengthened by SMA200 (1-hour) and $32.43 (SMA100, 1-hour).
On the downside, if $29.00 gives in, the sell-off may continue towards $28.45 (SMA100, 4-hour) and back to $26.00, which will indicate the end of the recovery.
The dead cross on 1-hour chart implies that the bears might have an upper hand in the short-term; however, both the Relative Strength Index and Momentum Indicator are flat.
Meanwhile, the Litecoin Foundation becomes a sponsor of the Ultimate Fighting Championship (UFC) to promote cryptocurrency mass adoption. According to the official announcement, the company will support the UFC light heavyweight title fight between Jon Jones and Alexander Gustafsson.
“With brands and institutions continuing to push into cryptocurrency and blockchain, this is yet another signal of this technology moving closer towards the mainstream,” the company commented.
LTC/USD, 1-hour
Share
