Litecoin continues to trade beneath the $100 level after another failed to attempt to break above this week. The resistance in this range is bolstered by the 100 days EMA making it difficult for LTCUSD to break through, especially with Bitcoin hovering around $10,000. The month has been difficult for the entire crypto market including LTC which has decreased with around 30% throughout the past 30 days.
Litecoin has been in a very peculiar position as many had estimated that the cryptocurrency would be surging at this time considering that the block halving is only around 10 days away. This will reduce the supply of Litecoin in half. However, considering the recent declines, many analysts have stated that the halving has already been priced into the market after Litecoin hit 0.017 BTC in mid-June.
Looking at the LTC/USD 1-Day Chart:
- Since our previous Litecoin analysis, we can see that the $100 resistance level was too much for the bulls to break above it. Litecoin has since rolled over to drop towards the support at the 200 days EMA around $88 where it bounced back to $94.
- From above: The nearest levels of resistance lie at $97.18 and $100. If the bulls break above $100, higher resistance is found at $110, $114, $119, and $125.
- From below: The closest levels of support are at $90 and $88. Beneath this, further support lies at $84.77, $77.45, $70.82, and $67.74.
- The trading volume has been decreasing toward the end of the month.
- The RSI found resistance at the 50 level which indicates that the bears still remain in control of the market momentum. Furthermore, the Stochastic RSI is primed for a bearish crossover in overbought territory which is a troubling sign for Litecoin in the short term.
Looking at the LTC/BTC 1-Day Chart:
- Against Bitcoin, Litecoin continues to fail to break above the 0.01 BTC resistance level. However, the crypto is starting to show some promising signs that it could start to make higher highs if it can break above 0.01 BTC.
- From above: The nearest level of resistance lies at 0.01 BTC. Above this, higher resistance lies at 0.0106 BTC, 0.0111 BTC, 0.0113 BTC, and 0.012 BTC. If the bulls can break above here, the next level of resistance is located at 0.0125 BTC and 0.013 BTC.
- The trading volume has been consistently diminishing as the month progresses which could suggest the selling has finished.
- The RSI has managed to break above the 50 level recently which shows that the bulls are starting to wake up.
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