Litecoin (LTC) has retraced to lows of $140 after touching its highest worth degree in over a 12 months at $174
Litecoin’s worth reached a brand new 52-week excessive round $174 in the course of the early Asian buying and selling session at present. The uptrend noticed Litecoin briefly surpass Ripple (XRP) as the most important public blockchain mission by market cap.
Nonetheless, the march to the yearly highs for LTC/USD has pale, and the draw back is coming similtaneously Bitcoin (BTC) retreats from highs of $34,800.
BTC worth is at the moment dancing with assist round $30,500 amid elevated revenue reserving. Litecoin can also be scuffling with elevated sell-off stress as bears seem set to grab on the exhaustion amongst bulls to push costs decrease.
On the time of writing, Litecoin is buying and selling round $150, about 5% up on the day and almost 14% within the inexperienced over the week. However LTC/USD stays almost 59% off its ATH, sharply contrasting with Bitcoin that has shattered its personal file a number of occasions since breaching the $20,000 barrier.
Whereas Litecoin may but eye the psychological $200 degree, the outlook at current suggests downward motion or descent into an prolonged consolidation section.
Litecoin worth outlook
LTC/USD 4-hour chart. Supply: TradingView
Litecoin had traded in a largely sideways trajectory over the previous few weeks however the cryptocurrency appeared to spring into life over the Christmas and New Yr interval.
The breakout from the slim channel that had capped costs round $120—$135 noticed bulls breach the $150 hurdle on their solution to testing resistance at $174.
However the upside momentum appears to have pale over the previous few hours, with costs dropping sharply to lows of $140. Litecoin bulls are battling sellers round $147 on the time of writing, with the 4-hour chart suggesting LTC/USD may drop to the 50-SMA if bears reach breaking beneath the $140 assist degree.
The MACD indicator stays in a bullish zone however is exhibiting lowering curiosity on the a part of bulls. An identical destructive outlook is recommended by the RSI that’s descending in direction of the midpoint. If the technical indicators proceed on the mentioned trajectory, LTC/USD may possible depend on assist round $125.
LTC/USD 1-hour chart. Supply: TradingView
On the hourly chart, the value stays above the 100-SMA ($136), however a collection of decrease highs and better lows suggests the uptrend is damaged. The hourly MACD has shaped a bearish crossover and the RSI is dipping beneath the midpoint.
Strengthening of those indicators within the path they at the moment level to would sign additional decline. Litecoin’s worth towards the US greenback may thus plunge to the important $100 degree.