LTC Price Analysis: Downtrend Continues
The latest price analysis reveals that Litecoin (LTC) is currently in a downtrend after dropping below the $80 support level. Here are the key points:
- Selling pressure has eased, and LTC found support above the $80 low.
- The cryptocurrency is now ranging between $80 and $84.
- The downtrend started when LTC failed to surpass the $84 high.
- The current price of LTC has fallen below the support level, reaching a low of $78.
- The market is predicted to decline further towards the previous low of $77.31.
Litecoin Indicators Analysis
Let’s take a closer look at the indicators for Litecoin:
- LTC’s Relative Strength Index (RSI) is at level 30, indicating oversold conditions.
- The altcoin is trading below the moving average lines, suggesting a loss in value.
- LTC is in a downtrend below the daily stochastic threshold of 30.
Technical Indicators
Resistance levels for LTC are at $100, $120, and $140, while support levels are at $60, $40, and $20.
What’s Next for Litecoin?
Currently, Litecoin is in a downtrend and shows signs of bearish exhaustion. The altcoin has fallen to a low of $78, approaching the previous low of $72. A long candlestick tail indicates strong buying at lower price levels, providing support for LTC. However, it’s important to note that cryptocurrency analysts predict LTC to reach a low of $77. At the moment, LTC/USD is trading at $84 per coin.
Hot Take
Despite the recent downtrend, there is potential for Litecoin to find support and bounce back. Keep an eye on the $77 level, as it could be a critical point for the altcoin’s future performance.
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