Litecoin price analysis: LTC/USD bulls hibernating amid widespread consolidation

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  • Litecoin carries on with consolidation although it is down 1.99%.
  • It is a tight battle between the bulls and the bears.

Although Litecoin is dancing at higher levels in comparison to the lows in September, the asset is still trading below the highs in the first week of the same month. The 7th largest crypto with a market capitalization of $3.3 billion and a trading volume of $311 million is battling with selling pressure below $60.00. As discussed in yesterday’s analysis, LTC/USD is still hanging in the balance but this time not at $58.00 but marginally above $57.00 following 1.99% drop on the day.

The entire cryptocurrency market is making slight moves and as though informing investors and regulators a like that cryptos can leave the ‘wild west’ and be stable. The 50% Fib retracement level with the last upward swing of $65.67 and a downwards swing of $47.21 has been the primary support in October. The upward correction from mid-September failed to break the resistance at $66.00 paving giving the bears opportunities to enter. The price corrected lower cancelling gains below $60.00 but LTC/USD has been strongly supported above $56.00.

Litecoin currently flirts with $57.49 after breaking the trendline support at $58.00. The RSI is moving upwards from the lower regions signaling presence the bulls. The MACD is also pivotal at the mean level. It is a tight battle between the bulls and the bears. The winner of the battle is definitely going to reap the gains while the other party bleeds. A break above $60.00 will allow the bulls to focus on $70.00. The downside, on the other side is laced with several support areas at $56.00, $54.00, $47.00.

LTC/USD 15’ chart

 

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