Unlike other crypto-assets, Litecoin [LTC] has failed to log any impressive appreciation this summer. The price of the silver crypto has been treading on thin ice as buyers have failed to demonstrate any intention of overcoming resistance. The market-wide crash has further harmed the chances of a bullish reprisal. The upswing was cut short and LTC struggled to discover meaningful support.
After a minor surge of 0.03% over the past day, Litecoin [LTC] was exchanging hands at $184.27. At the time of writing, the crypto-asset registered a market cap of $12.29 billion and a 24-hour trading volume of $3.39 billion.
Litecoin [LTC] Price Daily Chart:
Despite the spike in trading volume, Litecoin’s price has found it challenging to tackle the overhead resistance. The 200 DMA [Yellow] moved above the LTC candles after the market collapse. On the other hand, the gauge between the upsloping the 50 [Pink] and the 100 [Blue] daily moving averages continued to increase and did not appear to be adversely affected by the abrupt drop.
The red closing bars of Awesome Oscillator [AO] depicted the presence of bearish momentum in the coin market. The MACD also flashed red signals after brief bullish hints. Closely mimicking the price action, the Relative Strength Index [RSI] fell below the 50-median line, for the first time after July 26 this year, indicating a rising sentiment of sell pressure among the traders in the LTC market.
If the LTC candlestick manages to reclaim its fort above the 200 DMA at $192, resistance levels of $231 will come into play. Other levels of resistance that the crypto-asset needs to look out for are $277 and $301 respectively. On the other hand, if the selling pressure increases and Litecoin falls below the 50 and 100 DMAs near a crucial support of $161; the asset might retrace to July lows close to $107.