Litecoin is currently down 1.38 percent at $2.781 as the Bitcoin market registers a breakdown.
As mentioned in the previous Litecoin price technical analysis No Trading Zone, market participants have their eyes now set on $2.700, the level which had acted as a support in the past. And further weakness in the Bitcoin market may lead to a breakdown kind of situation in Litecoin as well.
Here are the latest technical points from the daily LTC-USD price chart.
Litecoin Chart Structure – As can be seen, Litecoin remains capped under the influence of the 30-day simple moving average, the current value of which is $2.8456. Upon further pressure, Litecoin may break the near-term support of $2.700.
Moving Average Convergence Divergence – The MACD and Signal Line are slowly and steadily marching up, erasing their losses and keeping the Histogram afloat in the positive territory. In a way, this is a divergence in itself considering the recent string of losses that Litecoin has witnessed.
Momentum – The Momentum reading has also advanced rather than declined during yesterday’s drop. The value is