Litecoin’s price continued to face resistance at $89 and was currently exchanging hands closer to this level. Despite hints of a breach, the bulls have failed to sustain the altcoin above this level. Whales were found to be offloading their as the coin reached a local peak.
Following the latest rejection, Litecoin fell by 1.65% over the past 24-hours which drove the coin’s price to $82.67. At the time of writing, LTC registered a market cap of $5.42 billion and a 24-hour trading volume of $4.15 billion.
What has struggled to push the price higher is the bulls buying the dips. Will there be any reversal in this trend?
Litecoin [LTC] Daily Chart:
The daily moving averages settled below the Litecoin [LTC] price candles and appeared to be sloping upward side by side with the rising price trend. The 50 DMA [Pink] and the 200 DMA [Purple] have continued o maintain the bullish streak following a golden cross formation in October. The increasing gauge between the two DMAs was a testament to the bullish phase.
However, Litecoin’s technicals were found to project a weak bullish signal.
The Klinger Oscillator, for instance, sustained a bearish crossover following the price drop. So far it has failed to flip positive and the reading line appeared to be sinking further below which was indicative of rising bearish pressure in the LTC market.
To top that, the RSI also fell back close to the 50-median line. Another important factor that cannot be ruled out is the movement of RSI above the median line in question. While the price did recover and climbed to the previously established high, RSI did not follow the trend. In fact, it halted a little above 50 before taking a plunge.
Meaning, if the RSI can break above the latest downtrend line, and bounce back, it could potentially switch favors to the bulls. Once the bulls gain an upper hand, Litecoin could eye its overhead resistance of $89.46 and $101.12 respectively. However, if bears manage to sink the price further down, LTC could target its nearest support levels of $79.5 and $72.1