I do not have any positives to lay out for the bulls, neither regarding the weekend action nor regarding the future price expectation.
I had advised in Crashes 20% Intraday that any rally up to the resistance level of $4.100 should be used to go short in the counter. During the weekend, the price did enter the bears’ mansion and has been sliding since then. Currently, Litecoin is trading at $3.678, down 1.34% from Friday’s observation.
Litecoin looks weak from the purview of technical indicators as well. Find below the technical considerations of the daily LTC-USD price chart.
Litecoin Chart Structure – Litecoin’s upside has been capped by the resistance posed by the $4.100 level. On the downside, the trend of lower closings continues as the cryptocurrency recorded the lowest close of July this weekend.
Moving Average Convergence Divergence – Following its incessant decline, MACD is now barely positive at 0.0958 while the Histogram at -0.3090 is at the lowest level in a month. The Signal Line is also undergoing devaluation and is now at 0.4048.
Momentum – After succumbing to -3.9432 yesterday, Litecoin has rebounded to -0.6854. However, the bigger question