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All cryptocurrencies are struggling right now. Given the current battle for control in the Bitcoin markets, that is no big surprise. Things are looking a bit bleak for the Litecoin price right now, even though the overall uptrend is still intact. With a value of under US$55, a week-long downward trend is looking to hit critical support.
LITECOIN PRICE KEEPS GOING LOWER
Every time the Bitcoin price reaches a new all-time high, altcoins will struggle for a few days. When that all-time high is followed by a correction, altcoins will struggle even more. Right now, the whole world is waiting for the Bitcoin price to stabilize a bit before altcoins can even start to recover. This is weighing down the Litecoin price right now, as its value has dropped continuously over the past week.
To be more specific, one week ago, the Litecoin price was hovering around the US$65 mark. At the time, it seemed a rise to US$70 or potentially higher was only a matter of time. It is still possible we will see such a price point before the year is over, but for now, breaking this bearish trend is virtually impossible.
Ever since the Litecoin price hit US$65 a week ago, its value has been rolling down a slippery slope. The US$55 low was reached two days later, after which point the Litecoin price rebounded swiftly. After a few days of consolidation at US$60, the price eventually started slipping again and is now below US$55. Predicting a critical level of support is up to people well-versed in technical analysis, but US$50 isn’t an unreasonable target.
Ethereum Price Technical Analysis: Looking for a Bounce
Ethereum price recently recovered a few points against the US Dollar and Bitcoin, and now ETH/USD has to move above $196-200 for more gains.
- ETH price gained bids recently and moved above the $192.00 resistance against the US Dollar.
- There was a break above a bearish trend line at $188 on the hourly chart of ETH/USD (data feed via SimpleFX).
- The price is currently struggling to move above the 100 hourly simple moving average and the $196 resistance.
There was a recovery wave started from the $176 level in ETH price against the US Dollar. The price managed to move above the $172 resistance and the 23.6% Fib retracement level of the last decline from the $218 high to $176 low. There was even an upside break above the $192-200 resistance. The price traded above the 100 hourly simple moving average and as high as $209. There was even a break above a bearish trend line at $188 on the hourly chart of ETH/USD
Later, buyers lost momentum and the price moved back below $200 and the 100 hourly simple moving average. The price traded below the 23.6% Fib retracement level of the last wave from the $176 low to $209 high. However, the downside move was protected by the $192-190 support. The 50% Fib retracement level of the last wave from the $176 low to $209 high also stopped the downside move. The price is currently attempting a bounce back, but struggling to clear the 100 hourly simple moving average and $200.
A close above $200 is needed for more gains in the near term. On the upside, the next upside target above $209 is $218.
Hourly MACD – The MACD is reducing its bullish slope.
Hourly RSI – The RSI is currently attempting to move above the 50 level.
Major Support Level – $192
Major Resistance Level – $200
Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. Altcoin Today does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.
Charts courtesy of Trading view
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Moreover, the Litecoin trading volume has cooled off quite a bit over the past seven days. US$104 million in 24-hour volume doesn’t look promising in the least. That doesn’t mean the market will continue declining indefinitely, but it is certainly possible there will be a bit more bearish momentum before things head in the right direction again.
Most of the trading volume for Litecoin originates on GDAX, which is somewhat surprising. Bithumb is a close second, and Bitfinex closes out the top three. OKCoin is still in fourth place, followed by HitBTC. OKCoin is trading Litecoin at well below the market average right now, which may hint at the US$50 buy zone we alluded to a few paragraphs above. It will be interesting to see how these fiat currency trading pairs affect the Litecoin price in the coming hours and days.
Looking at the bigger picture, Litecoin has still been pretty bullish throughout 2017. This currency was valued at well below US$4 until late March, and a lot of gains have been made since. While some people would love to see a new all-time high for Litecoin this year, it remains to be seen if that is feasible. There are some interesting projects in development as we speak, though.