Litecoin or LTCUSD pair struggled to surpass the resistance zone near $140 level and showing the bearish trend. Here is the 04-06 April Litecoin Technical Prediction.
04 April, AtoZForex – The Litecoin or LTCUSD pair is trading below the $ 120 mark with a total volume of $130 Million. The pair began to trade on a positive note and traded well above the US$134 level, but the momentum seems to be disappeared. The week’s low was found on Friday as the price of LTC approached US$110.64. Also, the coin after consistently losing the market cap approached near $6.5 Billion. Additionally, the entire cryptocurrency market has lost nearly 70% in value since the start of 2018. Will the Litecoin or LTCUSD pair hold above the strong daily support near $110 mark?
04-06 April Litecoin Technical Prediction
Yesterday, the Litecoin surged by 15% due to the positive news that high profile cryptocurrency startup Abra is following through on the decision to implement LTC as part of its payments processing systems. According to the candlestick charts, the engulfing bearish pattern has emerged in the 1D timeframe. This signifies that the uptrend has been hurt and the bears may be gaining strength. The Engulfing indicator is also the first two candles of the three Outside patterns. It is a major reversal signal.
Additionally, according to Fibonacci retracement charts, the LTCUSD pair surged above the 38.2% fibo. retr. zone i.e. US$ 134 mark but failed to gain further. A drastic decline towards 23.6% fibo. retr. zone was seen in the charts. The LTCUSD pair breaks the daily support after losing the bullish momentum. Also, the 100 SMA is below the longer-term 200 SMA to signal that the path of least resistance is to the downside. This suggests that the pair might decline further towards US$ 100- 110 in coming days.
The relative strength index(14) value is below 50 which means Sell in daily timeframe.
The MACD(12,26) value is -18.39 gives selling signal in daily charts.
Moreover, according to ATR(14), the LTCUSD pair is Less volatile.
The Litecoin has significant daily support near $122 level and resistance at $141 level.
LTCUSD Daily Pivot Point
What’s your opinion on the 04-06 April Litecoin Technical Prediction? Let us know in the comment section below.