- Litecoin witnessed a sharp 10% price fall over the past 24-hours, bringing the price for the cryptocurrency down to $70.
- The cryptocurrency ran into resistance at $83.05 and was unable to overcome it, causing prices to drop.
Litecoin dropped by 10% today, to push the price down to $70. It has been surging all year and climbed by a total of 114% to reach a high of around $83.05. Unfortunately, it was unable to overcome this resistance which caused it to roll over and fall by a total of 16% to reach the current price of around $70.
Litecoin is now ranked in the 7th position as it now holds a $4.52 billion market cap value.
Litecoin Price Analysis
LTC/USD – Daily CHART – SHORT TERM
Since my last Litecoin analysis, the cryptocurrency was able to climb above the previous resistance at $78.44 as it continued higher to break above $80. However, when it reached $83.05, it was unable to go higher which caused it to roll over and fall to the current $70 support.
Short term prediction: BULLISH/NEUTRAL
Litecoin is on the verge of turning neutral again if it falls beneath the support at $67. It would need to fall further beneath $60 before turning bearish.
If the sellers do push Litecoin beneath the support at $67.74, provided by a short term .5 Fib Retracement, we can expect additional support at $65 and $63.60 (.618 Fib Retracement). This is then followed with added support at $62.30 (200-days EMA) and $60 (100-days EMA).
On the other hand, toward the upside, resistance lies at $73.45, $76.72 (bearish .382 Fib Retracement), $78.44, and $80. Above $80, higher resistance lies at $83.05, $86.04, and $89.29 (bearish .5 Fibonacci Retracement level).
The RSI has dipped beneath the 50 level which is very bad news as it shows that the sellers have started to take control over the market momentum. It would need to climb back above 50 for the bulls to take control again.
Support: $73, $70, $67.74, $64.59, $61.33, $60
Resistance: $78.44, $80, $83, $86, $89.28, $90
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Yaz is a cryptocurrency technical analyst and has been actively trading financial markets for over 7years, with 4 years of crypto experience. He is an Economics graduate who has taken a keen interest on the future potentials of blockchain in the financial industry. Aside from cryptocurrency and trading Yaz enjoys spending his time watching his favourite football team (Liverpool F.C.) compete as well as keeping up-to-date with the UFC. Follow him at @TcmYaz.