LTC Technical Analysis: If It Breaks Down From $123.14, Lookout for $114

Litecoin leverages the unique performance of blockchain technology, to provide a fast, secure, and low cost-payment system. Litecoin aims to provide faster solutions and charge the lowest fee for all the services. It is considered one of the best options for point of sale solutions. Let us look at technical analysis for the same.

Past Performance

On July 01, 2021, LTC started trading at $137.30. As of July 08, 2021, the closing price of LTC was $132.71. In the last 24 hours, LTC has traded between $126.36 – $136.05.

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Day Ahead And Tomorrow

At the time of press, LTC is trading at $131.40. It is down by approximately 2.25% from the days’ opening price. Indicating high selling pressure. Therefore, the market momentum seems bearish for the day.

Also, on the daily chart, the MACD and signal lines are moving under the zero range. Moreover, a bearish crossover by the MACD line over the line can be seen, that too in the negative zone. Thus, indicating a short price pullback for LTC.

However, the lines are near to the zero range. Trend reversal might be on the verge. Therefore, we have to wait and watch if the bulls get active and the buying pressure takes on the selling pressure. In that case, we see a bullish crossover and the price can break its resistance level at $149.26.

LTC Technical Analysis

The RSI indicator is at 38.8%, which has fallen from the level of 45% mark.  Which has acted as very strong resistance in the past as well. Now it has made a 38.8% mark as a support level. Thus, if the sellers remain strong for the rest of the day, it will break the support level and can enter the oversold zone. Hence, we can expect the price to fall for some time.

LTC is currently trading below the pivot level of $134.04. As the indicators are showing high selling pressure, thus, we can expect the price to fall and soon, take the support of the Fibonacci level of $123.14. If it breaks down from this level of $123.14, traders can short with a target level of $114.