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Litecoin price analysis: Bulls stumble to enter $70 handle

Litecoin Price analysis
TL;DR Breakdown
  • Litecoin price analysis shows a bearish market sentiment
  • LTC prices are facing strong rejection at $71.06
  • Support for LTC prices is currently at $67.10
image 368
Cryptocurrencies prices heatmap, source: Coin360

Litecoin price analysis indicates LTC prices opened today’s trading session in a bullish bias trend as bears and bulls battle for price control. The prices have been fluctuating around $69-$70 in the last few hours, with bulls struggling to enter the $70 handle. The current market sentiment for Litecoin is bullish as price action shows a higher low being formed at $67.10. The market is in a dynamic state with both sides showing strength with LTC prices exchanging hands at $69.23.

The market sentiment for Litecoin is currently bearish as the price action shows a higher low being formed at $67.10. The main support levels are $67.10 and $66.00 while the main resistance levels are $71.06 and $72.50. Litecoin prices are likely to continue trading in a consolidative manner until a definitive breakout occurs. A breakout above $71.06 could see prices testing $72.50 while a breakdown below $67.10 could see prices falling to $66.00 in the near term.

Litecoin price movement in the last 24 hours: Support at $67.10 tested

The Litecoin market has been bearish in the last 24 hours as prices have dropped from $70.71 to $69.17, representing a 0.58 loss in value. The market is currently trading close to the support level at $69.00 and a further decline could see prices testing $67.10. The trading volume is currently at $2.8 billion and the market is currently in a consolidation phase as the digital asset occupies 0.39 percent of the overall digital assets market.

image 366
LTC/USD 1-day price chart, source: TradingView

The Litecoin market is expected to remain bearish in the short term as prices continue to struggle below the $70 handle. The technical indicators show the RSI line is currently residing on the 50 levels, signaling no major momentum in the market. The MACD indicator is currently in a bearish crossover as the signal line is above the histogram. The Bollinger bands are extremely wide on the daily timeframe, indicating a high volatile market due to the recent market action.

LTC/USD 4-hour price analysis: Bears in control

Litecoin price analysis in the four-hour chart indicates the bears seem to be winning the battle as the prices have been on a constant decline since yesterday. The market opened yesterday’s trading session at $70.71 and is currently trading close to the important support level at $69.00. The digital asset has formed a descending channel pattern and a breakdown below the $69.00 handle could see prices declining towards the $67.10 level. The main resistance levels are $70.71 and $71.06 while the main support levels are $69.00 and $67.10.

image 367
LTC/USD 4-hour price chart, source: TradingView

The technical indicators on the four-hour timeframe show the Relative Strength Index line is currently residing on the 50 levels after a bearish crossover. The RSI line is currently showing neutral momentum in the market. The prices are in a critical juncture as a breakdown below $69.00 could see prices falling towards the $67.10 level. The MACD indicator is currently in a bearish crossover as the signal line is above the histogram. The market volatility is currently low as the Bollinger bands are becoming extremely thin.

Litecoin price analysis conclusion

Today Litecoin price analysis shows a bearish market sentiment. However, the bulls have been trying to strike back as prices find support just below the $69.00 handle. The digital asset is expected to remain bearish in the short term as it struggles to break out of the descending channel pattern. The market is likely to continue trading in a sideways manner until a definitive breakout occurs. A breakout above $70.71 could see prices testing $71.06 while a breakdown below $69.00 could see prices falling to $67.10 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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