- The LTC/USD pair drops below $58 as the bears take over.
- The bulls must protect the support of $52 to halt bearish action.
- The key resistance and support positions are $64, $66, $68 and $48, $66, $68.
Litecoin News Today – the LTC/USD pair reportedly fell from the $58.29 area to the $54.91 position on Thursday, January 23. This was the beginning of a downward trendline acting as resistance for the asset. The price of Litecoin also dropped beneath the 9-day MA support area. The bulls must defend the support area of $54.14 if any further downward movement will be prevented. The stochastic RSI indicator has also dropped from the 51.71 level to the 36.32 area. Meaning that further price drops might be on the horizon.
The Pair Must Rally to Avoid Risk of More Drops in the Price of Litecoin
Litecoin News – it is safe to say that, the longer it takes the LTC/USD pair to rally from its current trading position, the greater the chance of the digital asset falling to reach a new low point. The Litecoin news update today shows that a break under the current $50 support area might provoke a deeper decline to the $48, $46 and $44 price positions. A short-term technical analysis of the current state of things shows that both the $53 and $51 areas are the strongest technical support positions before the $49 level returns as the main focus.
Litecoin (LTC) Price Today – LTC / USD
Litecoin’s latest update also shows the daily chart indicating highlights of the LTC/USD pair’s 9-day MA at $58.29 (the important technical area). It is the area that the bulls must break to stop bearish takeover. There may also be a need for a sustainable move over this area to retest the $60 area. The ultimate goal for the bulls is created above the $64, $66 and $68, which make up the ascending channel and key resistance levels.
RSI is Facing the Drop
Furthermore, RSI is currently facing the drop due to the bearish action in the past few hours. If the bulls can force a comeback, the oscillator might climb again. When compared to BTC, the price of Litecoin is on a sideways trajectory. The number seven largest crypto by market cap hasn’t defined its direction because the price action is remained clouded by red candles instead of the green in the last few hours. As RSI nosedives to the 55-level, there might be a bearish step back to the 6400 SAT support with a break beneath the 21-day MA. Further declines could be 6200 SAT. This can establish a new low for the market. However, any bullish action above the pattern may hit resistance at 7000 SAT and above.
Max writes about blockchain projects and regulation with a special focus on United States and China. He joined Smarterum after years of writing for various media outlets.