Litecoin has fallen to $2.677 after a fresh collapse from the short-term support line. The technical indicators are suggesting oversold conditions, but I believe that the cryptocurrency can still lose value in the coming sessions.
There is also a slim chance that Litecoin may briefly enter into a very tight range.
Take a look at what the technical indicators are saying about Litecoin.
Litecoin Chart Structure – After the tiring sideways consolidation which extended for 9 straight sessions, Litecoin broke down from the short-term support and is seen heading towards the monthly low of $2.500. I am not expecting the selling to abate quickly following this fresh breach.
Moving Averages –The 9-day SMA has for long been acting as the limiting factor for Litecoin. I am expecting Litecoin to remain briefly between the 9-day SMA of $2.7755 and the 200-day SMA of $2.5311.
Moving Average Convergence Divergence – As MACD and Signal Line remain in close contact, the Histogram is negligibly positive at 0.0018. The MACD and Signal Line, however, are deep in the red with respective values of -0.3222 and -0.3241.