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Litecoin price analysis: LTC retraces to $69.48 after a sharp sell-off

Litecoin Price analysis
TL;DR Breakdown
  • Litecoin price analysis shows an uptrend
  • Litecoin prices are up by 15.25 percent
  • LTC facing resistance at the $70.0 handle

Litecoin price analysis shows an uptrend adopted in LTC after a period of bearish run that has been witnessed across the market in the past week. The Litecoin bulls defended the $50.0 support level and pushed prices higher to retest the $70.0 resistance level. Litecoin price analysis shows that LTC/USD has made a sharp recovery from the lows of $58.00 seen this week as the entire market looks to recover. The pair has risen to trade at $69.48 at the time of writing. Support for LTC is now at $55.2 while the resistance is at $70.0.

image 210
Cryptocurrencies prices heatmap, source: Coin360

The LTC bulls will be looking to push prices higher and retest the $70.0 resistance level. A break above this level could see prices move towards the $80.0 level in the near term. The Litecoin bears will be looking to push prices lower and test the $58.00 support level. A break below this level could see prices move towards the $50.00 support level in the near term. The larger crypto market is currently in a period of consolidation as the market looks to recover from the sell-off seen this week. The total market capitalization is currently at $188 billion, up from the lows of $177 billion seen this week.

Litecoin price analysis on a 1-day timeframe: Bulls look to push prices higher as the market recovers

Litecoin price analysis on the daily price chart shows the token has been trading at a range of $69.48 -$70.0 after making a sharp recovery from the lows of $58.0 seen this week over the last 24 hours. The prices are preparing to test the $70.0 level as the market looks to make a recovery from the sell-off seen this week. The MACD indicator is currently in bullish territory as prices look to move higher. The RSI indicator is currently at 46 and is slowly moving towards the 50 levels, which could see prices move higher in the near term.

image 208
LTC/USD 1-day price chart, source:TradingView

The prices are now trading above the moving averages which is a bullish sign for the market. The market volatility is extremely high as indicated by the widened Bollinger bands. The prices are expected to consolidate at these levels in the near term as the market looks to find direction.

Litecoin price analysis on a 4-hour price chart: Prices look to consolidate around the $70.0 level

Litecoin price analysis on the 4-hour timeframe shows that prices have made a sharp recovery from the lows of $58.00 seen this week as the market looks to find some stability. The pair is currently trading at a range of $69.48-$70.0 as it looks to consolidate around the $70.0 level. The MACD indicator is currently in the bullish territory as prices look to move higher in the near term. Moreover, the uptrend is still intact as prices are trading above the moving averages.

image 209
LTC/USD 4-hour price chart, source:TradingView

The RSI line is currently headed upwards and is currently at the 54 levels, which could see prices move higher in the near term. Moreover, a rebound in prices is also observed as the Stochastic RSI is currently in the overbought territory. Prices are expected to consolidate at these levels as the market looks for direction. The Bollinger bands are seen to be very wide, which indicates high market volatility in the near term.

Litecoin price analysis conclusion

In conclusion, Litecoin price analysis shows that LTC has made a sharp recovery from the lows of $58.0 seen this week as the market looks to find some stability. The pair is currently trading at a range of $69.48 -$70.0 as it looks to consolidate around the $70.0 level in the near term. The overall market is currently in a period of consolidation as the market looks to find some direction after the sell-off seen this week. Bulls will need to push prices above the $70.0 level to continue the uptrend in the near term.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
John Palmer

John Palmer

John Paul is an enthusiastic crypto writer with an interest in Bitcoin, Blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience.

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