Litecoin (LTC) Breaks Three Day Long Bearish Spree
Litecoin, being amongst the top 10 altcoins, has been affected severely from the market bears over these days. The coin lacks momentum for now; LTC needs to sustain its price movement above the recent price dip.
The currency is showing very slow progress at the moment while the market too is moving on a sluggish note. LTC/USD is in a strong need for a stimulus price move that can push it upwards. However, the current market circumstances do not show any sign of a quick bullish breakout.
Litecoin price is looking for a room to move its price trend on the upside at $42.43. The coin has started a very meek price recovery after it hit bottom with an extreme bearish bias.
LTC is still forming bearish candles above its crucial support level. Around a couple of days ago, it had found a support level at $41.82. Now, the price of Litecoin has been recovering its 6% loss of valuation since yesterday.
The day before yesterday, the price kept consolidating around the 38.20% fib level; now, the LTC is approaching the same level, which can pose as a resistance. Here, the coin holds a bit conflicting picture when it comes to the technical indicators. Litecoin price is below the 200-day EMA line noting a negative spell while the MACD indicator is in a bullish zone. Meanwhile, the simple moving averages are indicating a bearish picture, and Bollinger bands have shrunken showing no signs of volatility.