Litecoin is holding up fairly well at $2.955 after Bitcoin successfully retested the important support level of $235. The cryptocurrency is up 1.65 percent but it may have entered into a range of $2.500-3.160.
My view above is based on the price action and the latest technical indications drawn from the daily LTC-USD price which fail to induce much confidence.
Litecoin Chart Structure – Litecoin’s fall was arrested by a swift rise in the price of Bitcoin after it kissed $235. Apart from Bitcoin’s contribution, Litecoin also received good support from the 9-day simple moving average of $2.8840.
$3.160 will act as the resistance while $2.500 will act as the support.
Moving Average Convergence Divergence – MACD and Signal Line can be seen tracking each other’s gains and therefore, are limiting the appreciation of Histogram. The Histogram currently has a value of 0.0789, the MACD is still negative at -0.1683 while the Signal Line is at -0.2472.
Money Flow Index – After a brief climb down, MFI can be seen surging again. The value has now touched 57.5821.
Relative Strength Index – The strength