Litecoin fell more than 5 percent over the weekend as weakness returned to haunt the cryptocurrency markets. The Bitcoin market is also struggling to cope with the selling pressure and has returned to its crucial support of $220.
Litecoin is currently trading at $3.330 and is well within its medium term trading range.
In the previous Litecoin price technical analysis Sell on Rallies, we discussed how Litecoin remains weak and any rise in the valuation can be used to go short. That holds valid for even today.
The latest technical indicators are nowhere positive or indicate that a reversal may be around the corner, and hence, I remain bearish on the cryptocurrency.
Litecoin Chart Structure – After crossing $3.500, bulls aimed for the higher end of the trading range (marked in the chart above) but were soon served with fresh selling pressure which pushed the price down to a low of $3.231. The support or the lower end of the trading range is near $3.000 while the resistance is close to $3.610.
Moving Average Convergence Divergence – The MACD has crashed