LTC bears gathering pace for a break below 101.00

  • 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

 

Crypto Destroyer

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