Litecoin [LTC] Price Action – Support Met at January High
Litecoin was the top performing major cryptocurrency last week, but drops at the start of this week have been meeting support at the point of January’s high.
A significant drop took place yesterday and is being followed up today with a Doji candle forming. A Doji candle is a candle where the open and the close are around the same point and typically reflects uncertainty in the market.
Price has already tested the level of the January high many times making the level weaker. Consecutive tests of a level make it weaker with fewer buyers to hold the level on each test.
Litecoin has been acting as a leading indicator for other top cryptocurrencies recently, and a drop below the point of January’s high at $41.30 should be monitored.
A bearish divergence taking place between price and RSI on the 4-hour chart preceded the decline seen yesterday. A bearish divergence takes place when price forms a higher high and the RSI forms a lower high. This shows price continuing to increase despite buying pressure falling.
- Doji candle forming on the daily for Litecoin reflecting uncertainty from traders
- The bearish divergence between price and RSI on the 4-hour chart preceded a price decline yesterday
- The level of January’s high at $41.30 is the key level to monitor for the price, and a break below this point could have a bearish result for other top cryptocurrencies as well as Litecoin
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