Litecoin: Price Analysis, October 22

LTC/USD

Litecoin has been gradually sliding towards the bottom of the range of $49.466–$69.279. Both moving averages are sloping down and the RSI is in the negative territory, which is a bearish sign.




LTC/USD

A break down of the range will resume the downtrend and can plunge the LTC/USD pair to the next lower support at $40.




The virtual currency will show first signs of a trend reversal if it breaks out of $69.279 and sustains above it. Following the breakout, the price can rally to the next overhead resistance at $94. The traders should wait for a confirmed breakout before initiating any long positions.

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