- Litecoin price is likely to continue exploring the downside with a target at $35 in spite of showing stability at $35.
- Short term analysis shows Litecoin giving in to sideways trading in the range between Bollinger Band middle and upper curves.
Spot rate: $49.92
Relative change: -0.5977
Percentage change: -1.18%
Trend: Bearish bias
Volatility: Expanding
LTC/USD daily chart
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Litecoin price is still in grave danger of breaking down further to test the support areas at $45 and $35, respectively. The Elliot Wave Oscillator is in its third consecutive bearish session under the mean line (0.00). Besides, LTC/USD is trading under key ascending trendline support. Unless a reversal above $60 occurs, danger still looms.
LTC/USD 1-hour chart
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The Bollinger Band 1-hour middle curve is the immediate support area. The indicator’s upper curve is holding in position and greatly hinders movement towards $52.00. On the other hand, the short term trend is likely to remain sideways with the price being pivotal at $50. The RSI in the hourly range is horizontal in the levels slightly under 50. If the motion remains intact, sideways trading could take precedence in the European session but the danger of further breakdown could still hang in the balance.
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