Litecoin Trades Above $40; Gains Support from the Imminent Moving Averages
Litecoin (LTC) rebounds from the 90-day low price as it currently trades around $40 after having hit $42 in the past two days. LTC/USD is consolidating quite well as compared to many other altcoins, as it has not yet touched the 52-week low price in the previous week when the whole crypto market crashed. The king of the market—Bitcoin price also slides down to $7,200 after hitting $7,600 on the previous trading day.
Irrespective of the moderate bearishness and selling pressure, Litecoin’s current trading price is rightly supported by the 9-day and most interestingly 100-day moving average. Alongside this, the market cap of LTC also has been showing a decline, and the $42 price area is the major resistance.
Litecoin Price Analysis
Litecoin trades with moderate volatility and marks the lowest around $36 on an hourly chart by Bitfinex. With a growth of over 13%, LTC is currently trading at $40.9, and we anticipate that the coin will grow as observed from the current momentum and the support lines are drawn. The coin currently trades between 38.20% and 23.60% Fib Retracement area on its way upsides.
Technical Indicators
The MACD is running below zero and holds a slight bearish crossover as the signal line overrides the MACD line of Litecoin.
The RSI of LTC is at 46.36 and is seen rising from the ultimate support of the oversold region as the price rises above $40.
