LTC/USD at risk of closing below $40

June 30, 2020 John Litecoin 0

  • LTC/USD is in a strong daily downtrend and already poked through $40 down to $39.
  • Litecoin needs to climb above the daily 12-EMA to have a chance to recover.

Litecoin is currently trading at $41 below the daily 12-EMA and the 26-EMA which crossed bearishly on June 14. LTC/USD has been weaker than most cryptos in the last month and the daily RSI is approaching oversold levels. 

LTC/USD 4-hour chart

The 4-hour chart is actually in an uptrend after the bulls established a higher low at $40.57 compared to $39.18. Unfortunately, Litecoin is still below the 12-EMA after getting rejected from the 26-EMA at $41.8. 

LTC/USD 1-hour chart

ltcusd

On the hourly chart, bulls have lost the uptrend, and both EMAs but are looking to regain it after a failed attempt to climb above $41.4. The next resistance level is established at $41.54 followed by $42 psychological level and $42.23 high.