- Litecoin attempts a tepid bounce, but Saturday’s bearish bias remains intact
- Daily chart shows a bearish outlook over the medium-term.
The fourth most widely traded cryptocurrency, Litecoin, is back in the red zone following Friday’s dead cat bounce. The coin has lost over 2.5% over the last 24 hours and now remains exposed to further downside risks. Litecoin enjoys a market capitalization of $ 6.43B, or 2.03% of the total cryptocurrency market cap.
LTC/USD 1-hour chart
- Bears take a breather after early losses, as the 50% Fibonacci Retracement (Fib) of the latest recovery (at 101.16) offers solid support.
- The recovery appears limited by a bunch of resistances, stacked up between 103.15-104 levels, where the 10, 21 and 50 hourly SMAs coincide.
- Technical set up points to the downside opening up towards 100.00.
LTC/USD daily chart
- A potential rounding top formation is spotted on the daily sticks.
- The pattern will get confirmed once the prices close below the 100-round figure.
- A break below the last will open up the downside towards the 60/55 level over the next 3 months.
Key levels to watch