Litecoin price holds $73.00 support level, can bulls reverse the trend?

Litecoin price holds support level can bulls reverse the trend

TL;DR Breakdown

  • Litecoin price $75.98 at the moment.
  • Buyers have defended the support level but the price is yet to turn bullish
  • Mid-term chart suggest further downwards movement as bearish pressure persists.

Litecoin price today

Litecoin (LTC) price opened at $76.66 with bearish momentum as the price continued its descent started on November 7. However, the price action soon found support and has consolidated since. Currently, Litecoin price is $75.98 showing a 0.98 percent decline from the day’s opening price.

Litecoin price action in December

Litecoin price holds $73.00 support level, can bulls reverse the trend? 1

Litecoin price started December with bullish momentum as the price made a V-shaped recovery towards the $90 level. However, the bullish rally was short-lived as the price met resistance at the $90.00 level. The price continued towards the $92.00 level after a brief consolidation as the bullish momentum persisted against the bearish pressure.

However, the bullish momentum was crushed by the pressure at $92.00 as the price failed to close above the mark. While the buyers tried to fight back initially, the price action only consolidated before eventually falling below the support of $80 level. Since then the price continued to descend until it reached the current support level above $72.00.

On the technical indicators, the MACD shows a bullish turnover suggesting that the price may be expected to move upwards. Meanwhile, the RSI remains neutral and s not indicating support towards any side.

If buyers hold current support level, the price can be expected to recover to $86 resistance level. Meanwhile, downwards movement would cause the price to fall back to $67 support level.

Litecoin price since November

Litecoin price holds $73.00 support level, can bulls reverse the trend? 2

Litecoin price started the month with a little momentum on both sides as the price faced increasing bearish pressure around the $55.00 level. The buyers attempted at an upwards breakout, but the bearish pressure did not allow that to happen. Subsequently, the price declined to $51.0, which turned out to be the month’s lowest as the defended that support level.

After a brief consolidation, the bearish pressure subsided, and the price started ascending. The price rose to $65.0 before meeting a strong resistance level that caused the price to decline. Again. The price fell below the $60.00 level before finding a strong support level. The price continued to consolidate below the $60.00 until November 12 when the price broke above.

After a brief correction above the $65.00 level, the price rose above the $75.00 level before again meeting bearish rejection. The price found strong support at the $67.00 level, which enabled the bulls to climb above the $90.00 level.

However, the cryptocurrency markets observed a sharp bearish turnover as the price of Bitcoin crashed from the $20,000 level. Like most other altcoins, Litecoin price also mirrored the movement, and the price declined to the previous support level of $67.00. However, the price made a V-shaped recovery as bitcoin recovered.

Since then, the price action has been dominated by the bears as the bulls seem exhausted. Currently, the price is holding above the support level at $73.00.

On the technical indicators, the MACD shows declining bullish momentum and suggests a bearish turnover as the two EMAs converge. Meanwhile, the RSI remains neutral, suggesting that there is more room for downward movement.

As we hope for the price to hold the current support level, the support level seems bleak with the indicators suggesting further downwards movement. Currently, traders can expect the price to retrace to support at $67.00 as the bulls gather momentum for a trend reversal.

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.

Bilal Ahmed

Bilal Ahmed

Bilal Ahmed is a blockchain enthusiast and an avid reader who loves writing about ramifications of blockchain and cryptocurrencies. He believes in doing due diligence with facts before transmitting.

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