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LTC is currently at spot #7 in terms of total market capitalization.
At the time of writing, LTC price is currently sitting at $57, unchanged from yesterday's analysis.
However, as we mentioned yesterday, after LTC broke below the uptrend, it actually didn't retrace that much and didn't go down to the $54 support level we were looking at, which could potentially be a sign of a slight uptick in buying interest. With that being said, narrowing the trading range isn't ALWAYS good, so instead of increased buying what we could face is bulls exhaustion only to see the bears sweep in and drive it below $54. That remains to be seen.
On the upside, we would first want to see LTC break above $59 and then show some signs of consolidation at that level before an attempt at the $62 resistance.
On the downside, if LTC fails to hold the $54 level, it might end up ranging between $50 and $54. For now, $50 seems to be the last stand for LTC. Below that (well, below $49 to be exact), we would be looking at level unseen since 2017, as you will note that LTC showed relative strength to BTC during the dips it saw in February, May, and July.
On the daily chart for LTC, technical indicators give a bearish outlook with a slight improvement since yesterday (15 sell, 10 neutral, 1 buy)
On the weekly chart for LTC, technical indicators give a bearish outlook unchanged since yesterday (14 sell, 8 neutral, 4 buy)
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