Litecoin is Trading in a Tight RangeThe LTC/USD pair continue fell down since the its halving in late August. The coin has lost nearly half of its value since that time. Moreover, Litecoin’s hash rate has decreased by almost 70% since the halving, which means that miners are not so happy and motivated to support the network.
At the time of writing, Litecoin was down by 0.85% for the last 24 hours. Price action on the daily chart is narrowing within a bearish pennant structure. At the same time RSI indicator (36) is near to its oversold zone. The pair also is limited by the middle line of the daily Bollinger Bands around $46.85. Once it is out of the way and the price break the upper line of the pennant, the upside momentum is likely to gain traction with the next focus on $50.64. There is the upper boundary of the recent consolidation range (also psychological area). It is followed by the upper line of the daily Bollinger Bands at $51.74.
Critical weekly support should be noted at the $45-44 region. And failure to hold could invite another wave of selling. In that event the bears should send the price towards $43.70. This barrier is created by the lower boundary of the above-said pennant. A clear break there will send the price for testing December low at $42.78. Once it is broken, the lower line of the consolidation channel of $41.04 will come into view.
