LTC/USD partially pared losses on Tuesday, however, it continues to trade in a narrow range between 3.79 and 3.82 levels. It is currently trading at 3.81 levels (BTC-e).

Long-term trend: Bearish

Ichimoku analysis of daily chart:

Tenkan Sen: 3.84

Kijun Sen: 3.87

Trend reversal: 3.87 (90 EMA)

On the upside, the pair faces resistance at 3.83 (10-DMA) and a break above would see it testing 3.88 (200-DMA)/ 3.91 (September 26 high)/ 4.05 (September 08 high).

On the downside, support is seen at 3.78 (September 30 low) and any weakness below this level would target 3.70 (September 22 low)/3.50 (psychological level).

In a recent update, Litecoin developer Xinxi Wang said that currently work is in progress to upgrade Litecoin to 0.13.1 and added that four new members have joined the team.

“Right now, the Litecoin Core team is focusing on upgrading Litecoin to 0.13.1, which will include important features such as SegWit. Finishing the upgrade will fulfill major requirements in the Roadmap and will also pave the way for the newly proposed confidential transaction functionality”, he wrote. “As Litecoin development is becoming more exciting and inspiring, four new members just joined the team. All of them are very experienced in software development. Training of them is progressing smoothly. We will introduce more details of them later once the training is finished.”