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Litecoin remains range-bound against USD

The overall picture of the crypto market over the last 24 hours

Bitcoin has slid by 1.55% in the last 24 hours. Reversing a 0.78% gain from Monday, Bitcoin closed the day at $ 8,159.9.

As for the other top 10 crypto currencies, the picture on Tuesday was mixed. Binance Coin and Bitcoin Cash SV were on the green territory for the day, rising by 0.49% and by 2.30% respectively.

For the rest major crypto currencies, however, trading was a deep red. EOS led down by a loss of 6.34%.

Litecoin, Bitcoin Cash ABC and Ethereum also saw heavy losses during the day. Litecoin slipped 4.08%, with Ethereum and Bitcoin Cash ABC falling by 3.36% and 3.21% respectively. Ripple’s XRP and Stellar’s Lumen recorded more modest losses during the day.

During the first part of the week, total crypto market capitalization rose from a Monday bottom $ 223.92 billion to peak at $ 228.17 billion before reversing. Against the background of Tuesday’s sell-off, we saw the crypto market capitalization drop to the current low of $ 221.83 billion. At the time of my writing, total market capitalization was $ 222.65 billion.

Bitcoin dominance remains at levels below 67%, despite Tuesday’s sell-off.

Litecoin, on the other hand, celebrated its eighth anniversary on October 13, making the coin only 2 years younger than BTC. According to the project’s creator, the network has processed transactions worth more than $ 500 billion since its inception.

Despite attacks this year, Litecoin survives and remains one of the most liquid altcoins.

 

Daily analysis for Litecoin

After the bearish Tuesday, the bulls took control on the market. LTC/USD fell from $ 57.34 to $ 53.53 yesterday and has since recovered to around $ 55.30. The sixth largest digital asset with a current market value of $ 3.6 billion bottomed at $ 50.58 on September 26 and has been moving in a narrow range ever since.

For the day ahead, we have accumulated strong levels of resistance above the current price. This area includes the upper line of Bollinger Bands on the daily chart ($ 58.50); the long-term downside trendline, from June 23 high at $ 59.60 and of course the upper limit of the aforementioned range at the psychological level $ 60.

The bulls will need convincing movement over that area to allow upside momentum to gain traction.

On the downside, the first support is yesterday’s low at $ 53.53, followed by a bottom of October 6th at $ 53.06. A clear break below these levels is likely to lead to sales extending, with the next bearish targets set at $ 50.58 (September 26 low) and the psychological level at $ 50.00.

Litecoin is currently moving below the curves of SMA 20, SMA 50 and SMA 200. And the 20-day Bollinger width has dropped to 0.092, indicating very low market volatility. The Relative Strength Index (RSI) is located at 39.77, right next to the oversold area.

 

Author: Silviya Velcheva


* The views expressed in this material do not constitute a recommendation or advice for the purchase or sale of cryptocurrencies in the digital assets market or other financial instruments. The predicted forecasts meet the expectations of the author of the material and may not materialize. Trading in currencies, contracts for differences on margin or cryptocurrencies poses a high risk and may not be suitable for all investors. Past results are not a guarantee of future success.

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