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Litecoin's market capitalization moved downwards by 0.75% after shedding 10.22% from its price between yesterday and Friday. The last few days have seen the bitcoin silver shift from a market cap of $25.6 B to $11.59 B. LTC has also traded a piece between a price range of $172 and $198 in the last 7 days. The bulls are still 58.85% from the $420 all-time high which they last touched in December 2017.
They came short of the ATH in May after missing 6 points at $413. A descending triangle formed on the 1-hour chart and bottomed at the current intraday low of $169. However, the downtrend was rejected by support near the low resulting in an uptrend moving the bulls towards the 14-days 20% raw stochastic at $177.
LTC lastly bottomed at $147 after the moving average convergence divergence oscillator stalled below the third support level at $151. This prevented a recovery the bulls had been aiming for to shoot them towards the 38.2% FIB retracement. The altcoin's next support barrier on the intraday chart was around $205 and unfortunately reversed the price of the coin at the intraday high of $198. Making the 38.2% FIB retracement a primary area of interest for the bulls to protect themselves against selling pressure at $185 and $190.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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