- LTC/USD continues to develop the downside correction.
- The long-term trend remains bullish.
Litecoin (LTC) is changing hands at $53.56 at the time of writing, down nearly 5% since this time on Monday. The fourth largest coin with a market capitalization of $3.3B is one of the worst-performing cryptocurrencies out of top-20.
Having topped at $59.75, the coin entered a correction phase. However, from the long term point of view, Litecoin is on recovery track as long as the price stays above $40.00 (the upside trendline from December 2018 low).
LTC/USD has the first back-to-back positive months since summer 2017, which creates the conditions for further recovery towards $71.00 (SMA50, weekly charts). However, considering the downward-looking RSI on a daily chart, we may see an extended correction with the initial focus on $44,55 (DMA200) followed by the above-said $40.00, before the upside resumes.
On the intraday level, LTC/USD dropped below SMA200 (1-hour), while the 1-hour RSI came close to oversold territory. If the initial support at $53.00 is cleared, the price will continue sliding towards $50.60 (SMA100, 4-hour) and psychological $50.00.
LTC/USD, 1D chart