Litecoin has crashed more than 16 percent intraday to hit a one-month low of $3.300 following the breakdown in the Bitcoin market.
I have been mentioning in the past several analyses that the Bitcoin market is a great precursor to the action in the Litecoin market, and that any negative price action in Bitcoin will be reflected in Litecoin as well. Litecoin is currently trading at $3.432.
The decline has also dashed all the hopes of a trend reversal and has boosted the downward momentum. Technical observations pertaining to the daily LTC-USD price chart have been presented below.
Litecoin Chart Structure – Earlier, when Litecoin unshackled itself from the bearish pressure, it looked as if the cryptocurrency would reach for higher levels. It could definitely have if fresh trouble did not rock the Bitcoin markets. Hence, Litecoin maintains its lower top, lower bottom chart structure.
Moving Average Convergence Divergence – The MACD, Signal Line and Histogram have extended their slump for another day; the latest values now are 0.1448, 0.0866 and 0.0582 respectively for MACD, Signal Line