Litecoin was pretty bullish until mid-May, but it’s looking increasingly bearish since the crash in the crypto market. It lost a large chunk of value during the crash and while other cryptocurrencies turned bullish again, Litecoin stagnated below the moving averages.

Litecoin rose to $ 190, according to my forex broker, but hasn’t been able to hit new highs, and in fact, the highs for this crypto have gotten lower in the past two weeks as Ethereum marches higher. On the daily chart, the 20 SMA (gray) acted as resistance during the bearish phase, pushing the price down.

She became supportive in mid-August after being rejected by the 200 daily SMA (purple). That was a bullish sign as the trend is viewed as reversed as the MAs move from resistance to support and vice versa. But the price has fallen below again, so this signal is now invalid.

Litecoin trading in a narrowing range

On the H4 chart, smaller moving averages such as the 20 SMA (purple) and 50 SMA (yellow) offered support through mid-August when the uptrend’s pace was strong. Since then the buying pressure has eased and LTC / USD was trading sideways. The 200 SMA (purple) served as support as the highs move lower. So there is not much pressure to buy Litecoin.

LTC / USD

The US regulators’ interest in cryptos and Litecoin as DeFi contracts with interest in Litecoin is being reviewed by them. New Jersey regulators say Block Fi, a DeFi provider, offers unregistered securities in relation to accounts with interest paid LITECOIN . This isn’t positive news for Litecoin, although the markets are getting used to comments from regulators on cryptocurrencies. So Litecoin remains in one area for the time being and our buy signal of around $ 170 is still active.

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