THELOGICALINDIAN - LTC is beneath accretion affairs pressure
After adulatory its eighth birthday, Litecoin is aback beneath abundant downside burden appear the $50.00 level, afterwards the fifth-largest cryptocurrency bootless to accretion drive aloft the $60.00 akin beforehand this month.
Both abbreviate and medium-term abstruse assay shows that a blemish beneath the $50.00 akin would be acutely bearish for the LTC / USD pair. The cryptocurrency could be at accident of acerbic about twenty percent of its amount if a abiding blemish beneath the $50.00 akin does occur.
The contempo amount activity surrounding the LTC / USD brace has been acutely weak. Other cryptocurrencies accept been able to date able aboriginal ages rallies, while Litecoin has rarely absent from its account aperture price.
Looking at the four-hour time frame, a bearish arch and amateur arrangement is currently in play, with the arrangement assuming a $10.00 downside projection, which would booty the LTC / USD brace appear the $40.00 level.
The circadian time anatomy additionally shows a bearish arch and amateur pattern, with the $36.00 akin a accessible bearish ambition if beasts abort to move amount abroad from the $50.00 level.
The LTC / USD brace is additionally starting to blemish from the lower Bollinger bands on the four-hour and circadian time frames. The account time anatomy shows the abutting Bollinger bandage abutment breadth comes in at about $35.00.
It is account because that the LTC / USD brace is abutting oversold altitude according to medium-term abstruse indicator. A bead of about twenty percent may animate dip-buyers to access in the LTC / USD brace from depressed levels.
According to the latest affect abstracts from TheTIE.io, the concise affect appear Litecoin is neutral, at 46.00 %, while the all-embracing abiding affect appear the cryptocurrency is acutely bearish, at 26.00%.
Upside Potential
The four-hour time anatomy highlights that beasts charge to move amount aloft the $60.00 akin to abate concise affairs pressure. Once aloft the $60.00 level, the LTC / USD brace has bound abstruse attrition until the $66.00 level.
The circadian time anatomy shows that a bearish death-cross is still underway, which is an acutely bearish medium-term signal. The LTC / USD pair’s 50-day affective boilerplate is amid at the $63.50 level, while the 200-day affective boilerplate is begin at the $87.00 level.
Downside Potential
The four-hour time anatomy is currently assuming that the concise trend is acutely bearish while amount trades beneath the $60.00 level. The mentioned time anatomy is assuming the $40.00 akin as accessible abstruse support.
The circadian time anatomy is assuming that amount is trading beneath the neckline of a ample arch and amateur pattern, with the $36.00 akin as the acceptable bearish target.
Summary
Litecoin is beneath accretion downside burden and risks a abundant double-digit abatement if a abiding aperture of the $50.00 akin occurs.
Technical assay on the circadian and the account time frames are both assuming the $35.00 to $36.00 levels as accessible downside targets.
Check out our bread adviser for an addition to Litecoin.
We additionally wrote a DARE (Digital Asset Report and Evaluation) for the project, allegory the approaching affairs of the Bitcoin competitor.
