Litecoin Technical Analysis: LTC/USD at risk of closing below $40
- LTC/USD is in a strong daily downtrend and already poked through $40 down to $39.
- Litecoin needs to climb above the daily 12-EMA to have a chance to recover.
Litecoin is currently trading at $41 below the daily 12-EMA and the 26-EMA which crossed bearishly on June 14. LTC/USD has been weaker than most cryptos in the last month and the daily RSI is approaching oversold levels.
LTC/USD 4-hour chart
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The 4-hour chart is actually in an uptrend after the bulls established a higher low at $40.57 compared to $39.18. Unfortunately, Litecoin is still below the 12-EMA after getting rejected from the 26-EMA at $41.8.
LTC/USD 1-hour chart
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On the hourly chart, bulls have lost the uptrend, and both EMAs but are looking to regain it after a failed attempt to climb above $41.4. The next resistance level is established at $41.54 followed by $42 psychological level and $42.23 high.
Author
Lorenzo Stroe
Independent Analyst
Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.
