Litecoin (LTC) Price Analysis: Rejection at $76 Resistance Level
The price of Litecoin (LTC) has once again fallen as it faces rejection at the $76 overhead resistance level. Currently trading at $69.39, Litecoin has been unable to sustain its upside momentum above the $76 high since November 12.
Long-term Outlook for Litecoin Price: Bearish
Litecoin is now in a downtrend and could potentially fall further. The strong selling pressure at the $76 resistance level, indicated by a long candlestick wick on November 12, suggests a potential decline. If Litecoin is rejected at the moving average lines, it will likely continue its downward momentum towards the lows of $65 or $63.
Analysis of Litecoin Indicators
The rejection at $76 has caused the price bars to fall below the moving average lines, putting Litecoin at risk of further decline. The presence of doji candlesticks limits price movement, indicating a sideways trend.
Technical Indicators
Resistance levels: $100, $120, $140
Support levels: $60, $40, $20
What’s Next for Litecoin?
Litecoin has entered a downtrend zone and is currently trading within the previous range bound zone between $60 and $70. While it has fallen below the $69 support level, it has resumed consolidation above it. The price action has remained stagnant due to the presence of doji candlesticks.
Hot Take: Litecoin Faces Resistance at $76 Level
The price of Litecoin (LTC) continues to struggle as it encounters rejection at the $76 resistance level. Despite attempts by buyers to push the price above this level, Litecoin has been unable to sustain its upside momentum. This rejection has caused the altcoin to fall below the moving average lines, indicating a potential decline in the near future. With strong selling pressure and a sideways trend, Litecoin could continue its downward momentum towards lower support levels. Traders and investors should closely monitor these developments and consider their next moves accordingly.
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