Market Overview

LTC/USD Rebounds After A Stormy Night

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LTC/USD Rebounds After A Stormy Night
  • LTC/USD broke above $100 for the first time in 2019.
  • Litecoin also reacted in tandem recording losses below the rising trendline.

The cryptocurrency industry is just coming from a sudden stormy night. Litecoin is among the biggest daily losers on the market has lost 7.7% on the day. The losses come after altcoins alongside Litecoin experienced the most impressive rally this year. LTC/USD broke above $100 for the first time in 2019. In fact, it formed highs around $106.84 before reversing the trend.

There was a correction on Thursday where Bitcoin dropped below $8,000 testing the lows at $7,750. Litecoin also reacted in tandem recording losses below the rising trendline. There was a drop below the 38.2% Fib level between the last high at $106.84 and a low of $86.91.

Presently, Litecoin is trading at $95 after a slight correction. Support has been established at $92.00. The RSI is reversing from the oversold while the MACD is now horizontal at -1.7. In the coming sessions, Litecoin will stay in the range between $90.00 and $100.00.

LTC/USD 1-hour chart

may16-ltc-636936051964094630.png

Image sourced from Pixabay

Posted-In: BitcoinCryptocurrency News Eurozone Forex Global Markets General

 

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