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LTC/USD technical analysis July 14

Jul 14, 2020 Forex News

Litecoin loses not only in price but also in capitalization. According to Coingecko, Litecoin moved to 9th place in terms of market capitalization. Due to rising prices, Cardano and Binance Coin were able to squeeze it. Litecoin currently has a market capitalization of $2,824 and has been declining since early June.

Litecoin fell by 3,7% from yesterday, and now Litecoin is trading at $43,48. If you look at the hourly chart of the LTC/USD pair, you can see the ascending triangle, thanks to which the LTC/USD pair rose above $45. However, the head-shoulders also formed on the hourly chart.

An ascending triangle began to form on June 28 after the LTC/USD pair first reached a resistance level near $42. The graph shows higher lows, but constant highs. On July 6, the LTC/USD pair was able to break up the rising triangle and rise to a maximum of $45,84.

The head-shoulders began to form until the ascending triangle. At this time the price formed the first shoulder. The head was formed on July 27, when the LTC/USD pair fell below $39.

The second shoulder formed after the growth of the LTC/USD pair above $44 and a further decline. The recent decline in the LTC/USD pair provoked an outflow of capital. Chaikin Money Flow is formed near the zero mark, which indicates a minimum infusion of money. However, the CMF did not fall below -0.19, but could not rise above 0 yet.

Falling below $43 will be constrained by the support level of $42. Litecoin can trade between $42 and $44 for some time.