- The market is back in the red as though this where it belongs.
- Litecoin retreats below $30.00; trendline support is strong enough to hold in the near-term.
The volatility in the cryptocurrency market is currently keeping everyone on the edge. There was optimism in the market yesterday as the market cap corrected higher to close at $112 billion. The currencies themselves recorded significant gains throughout the day; a day that I referred to as the crypto happy Monday. However, the bulls must have spooked the sleeping bears who are back to revenge.
The market is back in red and assets trim gains. Dash (DASH) is leading the declines on the day correcting lower by 3.34%. It is followed closely Bitcoin Gold (BTG). Litecoin (LTC); yesterday’s strongest daily gainer is not spared from the bears rough hand on Tuesday. LTC/USD is down 2.62%, although it is still maintaining position above the trendline support.
Litecoin zoomed above the yearly lows and broke the resistance at the 61.8% Fib retracement level with the last swing to the upside at $30.42 and a swing low of $22.54. Moreover, the bulls push for gains above yesterday resistance at $29.00 giving way for gains above $30.00. However, the bears seem to be back and they intent to have Litecoin close the year below the current lows. LTC/USD has corrected lower below $30.00 and is trading $28.50 while using the bullish trendline support.
The price is both the hourly 50 SMA and the 100 SMA showing that the buying activity is yet to slow down despite the RSI retreating from the oversold levels above 70 while the MAC could cross into the negative region in the near-term. The RSI currently stands at 50% and is likely to resume the uptrend following an ongoing upward move above the trendline support.
Read More:
1. Litecoin price analysis: Litecoin leads crypto happy Monday
2. Cryptocurrency market update: Bitcoin slides below $3,500 as EOS zooms past Stellar (XLM) into 4th position
LTC/USD 1-hour chart
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