- Litecoin stays in range even as bears increase their grip across the board.
- Litecoin is bearish in the short-term especially with the RSI grinding lower.
Spot rate: $54
Relative change: -0.8348
Percentage change: -1.52%
LTC/USD daily chart
Litecoin is grinding closer to a falling wedge pattern likely to correct the extended downtrend.
The zone at $50-53 becomes a viable support area capable of halting massive declines.
LTC/USD four-hour chart
The rectangle pattern formed suggests increasing bearish control and a possible fall towards $20.
Litecoin has a bearish bias in the short-term based on the Relative Strength Index (RSI).
LTC/USD one-hour chart
An ongoing retracement is likely to break the short-term trendline support.
The upside is limited by the 21 Simple Moving Average (SMA) while the downside is supported by the 50 SMA.