Litecoin is currently trading at $2.776, down $0.014 or 0.50 percent. The slow and muted action has taken many by surprise considering the highly volatile nature of this cryptocurrency.
The cryptocurrency markets, including Bitcoin and Litecoin, could be awaiting the outcome of the ongoing Fed meeting in which the Chair Janet Yellen is expected to raise the interest rates for the first time since 2009 or at least provide some helpful insights into the timing of this action. The outcome of this meeting is expected to shake up all the financial markets over the world.
Having said that, it is important to know the levels to watch out for and the latest technical structure.
Litecoin Chart Structure – Since there is no major move visible on the daily LTC-USD price chart until now, market participants should keep the 200-day SMA of $2.6014 on a close watch. The level has supported Litecoin twice in the recent period, and a breach of this support could spell a huge fall.
Moving Average Convergence Divergence – The Histogram is sustaining in the positive region helped