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Litecoin price gets rejected from strong resistance at $72.517

Litecoin price rejected from strong resistance at

Litecoin price sees a bullish trend at the start of February 2020. The cryptocurrency’s price line rose up to meet a strong resistance at $72.517. The coin retreated below the $70.00 mark after it met the strong resistance, after which it saw a retracement towards the $71.00 mark before February 01 ended.

1-Day Litecoin Price Analysis (February 01)

litecoin price chart

Litecoin Price Chart by TradingView

After the cryptocurrency closed at $67.50 on January 31, the LTC price line stepped onto a bullish trend just as it entered February 01. The bulls were able to take the cryptocurrency’s price line towards the $69.50 mark at 01:40 GMT. After this, the trading pair saw an immediate incline across the $71.50 mark on the price chart. The cryptocurrency met the strong resistance of $7.517 US Dollars, at 03:59 GMT. The resistance rejected the price, after which the price fell below the $69.50 mark by noon.

Following a brief retracement, the trading pair was able to recover price towards the $70.00 mark, while it closed February 01 with a price of $70.76 US Dollars.

Technical Indicators for Litecoin

litecoin feauted price chart

Litecoin Price Chart by TradingView

The Relative Strength Index (RSI) rose across level 70 at 01:55 GMT, to reach 87.44 on February 01. The technical indicator currently lies at 49.66. The 20-Day Exponential Moving Average (EMA) closed at $70.73, whereas the 50-Day Moving Average (MA) closed the day at $70.94.

Featured Image by Ian Espinosa.

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.

Aroosa Nadeem

Aroosa Nadeem

A media graduate and passionate media person Aroosa has a knack for digital media journalism and outreach. She has contributed content to different digital media publishers in a variety of areas including technology, health and finance.

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