The Price of Litecoin (LTC) Continues Consolidation Above $64 Support
The price of Litecoin (LTC) has dropped below the moving average lines but remains consolidated above the $64 support level. On January 3, the altcoin fell to $56 during a price drop, but it quickly rebounded as the bulls bought the dips. Today, Litecoin is still on the rise after climbing back above $64. The first resistance for upside momentum is at $68, and if that is breached, the cryptocurrency will become bearish. On the downside, if sellers break the existing support, Litecoin could retrace its steps to the previous low at $56. However, if the current support holds, Litecoin will trade between $64 and $71.
Analyzing the Litecoin Indicators
Although LTC is currently below the moving average lines, indicating a further decline, the market has reached bearish exhaustion. The price bars on the 4-hour chart are between the moving average lines, suggesting potential fluctuations in the cryptocurrency’s value.
Technical Indicators
Resistance levels: $100, $120, $140
Support levels: $60, $40, $20
What’s Next for Litecoin?
Litecoin has experienced a significant decline in value and dropped to $56, close to its breakout level of $53 on August 17, 2023. However, it is now making a comeback and holding above the $64 support level. The presence of longer candlestick tails at the bottom of the chart indicates strong buying pressure at lower prices. Previously, it was reported that Litecoin had been in a positive trend zone since its breakout on December 26.
Hot Take: Is There Hope for Litecoin’s Recovery?
Despite the recent decline, Litecoin is showing signs of resilience and a potential recovery. The altcoin has managed to hold above the $64 support level and is experiencing buying pressure at lower prices. If Litecoin can break through the first resistance at $68, it may regain bullish momentum. However, if the current support is breached, the altcoin could retrace its steps and revisit the previous low at $56. Keep a close eye on Litecoin’s price movements to determine its future direction.
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