Litecoin is currently trading at $4.280, down 0.88 percent as Bitcoin slides.
The cryptocurrency is testing the patience of the trading community as it trades in a tight range for the fifth straight day. With most of the technical indicators remaining relatively unchanged, it is becoming incredibly tough to a call a direction. However, we know that Bitcoin as a leading trading instrument will prove to be a useful guide and therefore, that must be tracked too.
Below are the latest technical considerations for the daily LTC-USD price chart.
Litecoin Chart Structure – From yesterday’s $4.318, Litecoin stooped to an intraday low of $4.243 before regaining some ground.
Fibonacci Retracements – Litecoin has been unable to threaten the resistance posed by the 23.6% Fibonacci retracement of $4.471.
Moving Average Convergence Divergence – MACD has dropped to 0.0583, Signal Line has skid to 0.1222 and the Histogram is still in the negative region with a value of 0.0640.
Momentum – The Momentum reading witnessed slight erosion to -0.2974. Negative momentum will weigh on Litecoin in the near term.
Money Flow Index – The MFI