LTC/USD explores the downside on February 12

  • LTC/USD continues to move downwards amid profit-taking.
  • The intraday RSI signals that the correction is not over.

LTC/USD is changing hands at $43.13, down over 3% since this time of Monday and 9% from the recent peak reached at $47.36. However, despite strong correction amid profit-taking, the coin retains the fourth place in the global cryptocurrency rating compiled by CoinMarketCap. Its current value is registered at $2.6B, while the averaged daily trading volume exceeded 1.1B.

LTC has gained nearly 27% in recent seven days to become the second-best performing coin on a weekly basis. 

On the intraday level, the coin is supported by a psychological $43.00, strengthened by SMA100 (1-hour). Once it is cleared, the sell-off may be extended with the next aim at $38.50-$38.00 (SMA200, 1-hour, SMA50, 4-hour). This area is likely to stop the downside for the time being and trigger the upside correction. 

Below the said support area, $33.28 (SMA100, 4-hour) will come into view.

The Relative Strength Index (RSI) on the 1-hour chart points to the downside, which means that the correction is not over yet.

Meanwhile, not he upside the nearest resistance comes at $44.00 with SMA50 (1-hour) located marginally above that level. A sustainable move higher will take us towards the next target of $47.00, strengthened by DMA100, and to the recent high of $47.37.

LTC/USD, 1-hour chart is a completely independent publication covering cryptocurrency, the Blockchain, decentralized applications, the Internet of finance and the next generation Portal. We offer the latest news, prices, breakthroughs and analysis with emphasis on expert opinion and commentary from the digital currency community. The world of digital currencies flourishes with the greater fervor with each passing day. With an increasing number of businesses, entrepreneurs, startups and consumers adopting this technology, we are proud to spend every day at work and play increasing awareness of the many intricacies and advantages offered by these innovations. About one thing we are certain: it is increasingly important to educate oneself in and be aware of new financial and technological innovations.

Be the first to comment

Leave a Reply

Your email address will not be published.