Search
Search
LTC Price Analysis: LTC Close To $60

LTC Price Analysis: LTC Close To $60, Will Bulls Slingshot To $70?

0
0

230 Listen to this article Litecoin (LTC) has been navigating a challenging phase as it grapples with high bearish pressure […]

Latest News

Listen to this article

Litecoin (LTC) has been navigating a challenging phase as it grapples with high bearish pressure and a market downturn. The cryptocurrency saw its market value plummet by 44%, plunging it into a consolidation phase. However, despite the ongoing bearish sentiment, the LTC price prediction remains optimistic for the upcoming months.

A Perilous Path to $60: The Bearish Trajectory

Litecoin has been ensnared within the narrow range of $60 and $72, charting a course that seems bearish as it tests the lower end of this crucial range. A recent rejection from the 50-day Exponential Moving Average (EMA) has cast aside hopes of an inverted head and shoulder pattern, dampening expectations of an immediate bullish takeover.

The rejection wave has led to concerns of an extended correction rally as Litecoin’s prices have witnessed a 10% drop over the past ten days. The cryptocurrency is now inching closer to the significant support level at $60.

As of the latest data, Litecoin is trading at $61.33, registering a modest intraday gain of 0.38%. This slight upswing has triggered speculation of a “morning star” pattern, a potential reversal signal. Should this pattern materialize, it could propel Litecoin towards a challenge of the 50-day EMA and heighten the prospects of a breakout towards $70.

Key Technical Indicators:

  • RSI Indicator: The daily Relative Strength Index (RSI) reflects the decline that followed Litecoin’s consolidation phase, pushing it near the oversold boundary. This suggests a potential opportunity for a price rebound.
  • EMA (Exponential Moving Average): The 50-day EMA, acting as a dynamic resistance, is currently restraining Litecoin’s bullish momentum.
Read Also:  Litecoin Price Prediction: LTC to mark new 2023 low as whales’ inactivity hits a three-year high

Can Litecoin Sustain Above $60?

While Litecoin has been grappling with a bearish trend, there are signs of a potential respite on the horizon. Moreover, the looming decision on the Bitcoin ETF in October could spark a sentiment-driven rally in the altcoin market.

If Litecoin can successfully surpass the 50-day Exponential Moving Average, it might present a favorable entry point for traders who have been patiently waiting on the sidelines. Additionally, breaking above the 50-day EMA would open the door to a potential rally towards the $70 level, with the psychologically significant $100 level as the next target.

However, in the event that the ongoing downward momentum persists, Litecoin’s price may breach the $60 level and undergo further testing at the $50 support level. This will be a critical juncture for determining the strength of bullish sentiment in the market.

In conclusion, Litecoin is currently navigating a challenging landscape, but there is a glimmer of hope for a potential reversal and bullish momentum. Traders and investors are closely watching the critical support and resistance levels to gauge Litecoin’s future trajectory, making for an intriguing period of uncertainty and opportunity in the cryptocurrency market.

You Might Also Like

0 0 votes
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments

Get Latest Updates

Latest News

Web Stories

Latest News

0
Would love your thoughts, please comment.x
()
x
Scroll to Top
Bitcoin ETFs Surge as Investors Seek Exposure Coinbase, Andreessen Horowitz, and Ripple have joined forces to fund a new crypto DMM Bitcoin Hit by $305M Hack Ripple Releases 1 Billion XRP Tokens What to Expect from Bitcoin’s Price Rally in H2 2024 Trump’s MAGA Coin Soars 7% While Biden Parody Sinks Amid Ex-President’s Trial — NFTs Hold Steady Analyst Warns About Dogecoin Decline CME Denies Solana Futures Plans Amid Growing Rumors Can PEPE flip Polygon? Market cap race heats up! Why Bitcoin Price Is Down Today? Cristiano Ronaldo Launches 4th NFT Collection on Binance Amid $1B Lawsuit Coinbase Alleges SEC Dodging Howey Test in New Appeal Ethereum ETFs Granted Official Approval by SEC Crypto Whale Splurges $10.4 Million on Meme Coin PEPE SOL Price Nearing Support as On-Chain Activity Dips for Solana Penguiana Meme Coin’s Presale Achieves Success, Raising 290 SOL Solana to Bitcoin Bridge, Zeus Network, Set for Debut in Q3 2024 DeFi Lending Leader Aave Unveils V4 Protocol Overhaul MicroStrategy (MSTR) Incurs Losses in Q1 After Digital Asset Impairment Takes Toll Upbit Emerges as Top Five Crypto Exchange, Posing Challenge to Binance, Coinbase