- Litecoin remains in the green zone on a daily basis despite retirement.
- The daily and intraday RSI signals that the bears are ready to regain control of the coin.
Litecoin is the seventh largest digital asset with the current market capitalization of $ 4 billion. At the time of writing, LTC / USD changes hands at $ 61.8, while an average daily trading volume stands at $ 2.8 billion. Litecoin is down $ 1.5 since the start of the day; however, it is still over 6% higher overnight, making it the top 10 performing altcoin.
LTC / USD: the technical table
LTC / USD hit intraday high at $ 63.69; however, the bullish momentum waned as local resistance approached which halted the attempted recovery on August 20. Clearance could be extended to local support created by the 4-hour SMA100 at $ 60.50. Once it is ruled out, the decline is likely to gain ground with the next focus on $ 59.00. As the RSI has reversed from overbought territory and is pointing lower, this barrier is likely to slow the declines as it is reinforced by a combination of 4 hour SMA50 and SMA200.
4 hour LTC / USD chart
On the upside, local resistance hits the aforementioned intraday high of $ 63.69, followed closely by $ 64.00. a sustained move above this area is needed for the upside to gain ground with the next focus on the recent high rally as it approaches $ 69.00. Over the longer term, the RSI has some bearish points; however, the trend remains bullish as long as the price remains above the daily SMA50 at $ 54.70. If it is broken, a psychological amount of $ 50.00 will appear.