The cryptocurrency has been on a downtrend since September 6th; after rumors that Walmart would be accepting Litecoin as a form of payment were shut down directly by the company, the price sank.
The Bollinger bands are wide and opening up at the edge; this often indicates price consolidation. However, Litecoin could continue bleeding in the short term as there is still room for the price to go down from a technical analysis perspective.
The relative strength index has not yet entered the oversold status to boost the investor's interest in buying a dip; the current RSI is 40%.
The short and long-term moving averages crossed, indicating a general downward trend. The price was not able to find support at 150 and kept losing ground in recent days.
Our parabolic SAR indicator suggests that the price is likely to continue falling in the short term. The following support level is at 140.
We love to hear new ideas from traders and want to know what you think!
If you like this topic and want to suggest future topics that you find helpful, let us know by clicking the ‘submit your feedback’ button below.
Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite.
Nothing contained in this website should be construed as investment advice. Any reference to an investment's past or potential performance is not, and should not be construed as, a recommendation or as a guarantee of any specific outcome or profit.