December 11, OctaFX – Litecoin continues to drift lower in early Tuesday trade, with the ninth largest cryptocurrency by market capitalization recently hitting a fresh 2018 trading low, at $21.90.
Litecoin Psychological $20.00 in Focus
The psychological $20.00 support level is now coming into focus, despite the RSI and MACD indicators being extremely oversold on the daily time frame. If buyers can create a bullish double-bottom, a short-term relief rally towards the $27.00 would then seem possible.
LTCUSD Technical Analysis
- The LTCUSD pair is strongly bearish while trading below the $27.00 level, key support is found at the $21.90 and the $20.00 levels.
- If the LTCUSD pair moves above the $25.00, buyers may test the $27.00 and $30.00 resistance levels.
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