Litecoin (CRYPTO: LTC) is trading lower on Wednesday as the cryptocurrency market is having a red day.
Litecoin is traded less with other popular cryptocurrencies like Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH). Litecoin has broken below the upper lower trend line support in what traders call ascending triangle pattern.
Litecoin is down 6.82% at $137.63 in 24 hours.
See related topics: Is LItecoin in trouble?
Litecoin daily chart analysis
- It appears that the cryptocurrency has broken below the support in the ascending triangle pattern. The crypto was showing resistance near the $200 level and supports near the upper lower trend line. Now, this trend line may become a resistance area in the future if the price can hold below it.
- Cryptocurrencies are trading below both the 50-day moving average (green) and the 200-day moving average (blue). This shows that the cryptocurrency is trading with bearish sentiment and each of these moving averages may remain as a resistance area in the future.
- The Relative Strength Index (RSI) has been trading sideways below the middle line for the past two months and is now at 40. This shows that there are slightly more sellers in cryptocurrency than there are buyers.
What’s next for Litecoin?
After dropping below the pattern’s support, Litecoin made a strong bearish move and is now consolidating. The next step he takes will be a major indicator of where coding can go next. Bullish traders would like to see the cryptocurrency able to recover the $200 and the moving averages. Bears are looking to see the cryptocurrency continue to decline and be able to hold below the moving averages.
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