Litecoin was expected to grow if Litecoin price broke the resistance of the range $72.789 — $74.587 (Buy Zone). The coin did not break past the $74.587 mark on the price chart for February 07, thus the price sees itself to a decline after resting between the $73.50 and $74.00 marks. After February 08 started, the price fell below the $72.00 mark.
1-Day Litecoin Price Analysis (February 07)
The price was expected to break the range’s resistance near 14:00 GMT on February 07. The range lied between $72.789 and $74.586. If the price broke the resistance, the next price targets were set as $76.174, $77.901, $79.435, and $81.078. The cryptocurrency failed to break the resistance, and it traded between the $73.00 and $74.00 marks with ruffled price movements until the end of the day.
At the start of February 08, the coin lied close to the $74.50 mark, and it fell below the $72.00 level as a result of bearish momentum. Currently, the LTC/USD trading pair lies at $71.90 US Dollars.
Technical Indicators for Litecoin
The 20-Day Exponential Moving Average (EMA) was seen closing at $72.05 after the trading pair saw a bearish momentum on February 08. At the same time, the 50-Day Moving Average (MA) was seen at $72.72. The last technical indicator, the Relative Strength Index (RSI), was seen at 32.94 at the time of writing.
Featured Image by Runze Shi.
Disclaimer: The information provided is not trading advice but an informative analysis of the price movement. Cryptopolitan holds no liability towards any investments based on the information provided on this page.