Litecoin Holds Steady in Horizontal Trend, Staying Below $64

Litecoin Holds Steady in Horizontal Trend, Staying Below $64


The Latest Price Analysis of Litecoin (LTC)

The most recent price analysis shows that Litecoin (LTC) is as of now trading in a horizontal trend over the $62 level of support. The 21-day line Simple Moving Average (SMA) has slowed down the uptrend and is acting as a resistance line. On August 29, LTC rallied but was rejected by the 21-day line SMA, resulting in a low of $61. As of now, LTC/USD is consolidating between $61 and $64 in a narrow range.

If this range is broken, the digital currency value will transition into a trend. A break over the 21-day line SMA will signal a positive trend momentum, extending to the 50-day line SMA and starting an uptrend. Conversely, a price breakout indicates a downtrend resumption, with the altcoin sliding back to its previous low of $53.

Litecoin Indicators Analysis

The price of Litecoin has remained stable at the 32 level of the Relative Strength Index (RSI) of period 14, indicating bearish exhaustion. The market has continued to fall below the moving average lines, and the bearish momentum has stalled below the daily stochastic reading of 80.

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Technical Indicators

Resistance levels for Litecoin are $100, $120, and $140, while support levels are $60, $40, and $20.

What’s Next for Litecoin?

The horizontal trend will continue as long as doji candlesticks dominate the market action. The LTC price is as of now returning to the lower price range after stalling at $64, with the decline slowing down. If the present resistance is broken, Litecoin will rise over the moving average lines, indicating a positive momentum.

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Hot Take:

The present price analysis implies that Litecoin is trading in a horizontal trend, with its price consolidating between $61 and $64. The altcoin is facing resistance from the 21-day line SMA, but a breakout over this level could signal the start of an uptrend. On the other hand, a price breakout would indicate a resumption of the downtrend. Overall, it is crucial to monitor the support and resistance levels for Litecoin and watch for any whole lot of price movements that could indicate a shift in trend.

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Author – Contributor at | Website

Cabel Dioli emerges as a luminary seamlessly blending the roles of crypto analyst, dedicated researcher, and editorial artisan. Within the dynamic expanse of digital currencies, Cabel’s insights resound like finely tuned notes, reaching minds with diverse inquisitiveness. His mastery in unraveling intricate threads of crypto intricacies harmonizes effortlessly with his editorial finesse, transforming complexity into a captivating symphony of comprehension.

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