Litecoin Price Approaches Confluence of Support Levels

By Bernard Nicolai Aug 10, 202346Views

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LTC Price Analysis:

The Litecoin (LTC) price has fallen since it deviated above long-term resistance at the beginning of July. Despite the bearish trend, the LTC price is approaching a confluence of support levels which could initiate a significant bounce.

Key Points:

LTC price temporarily exceeded the $100 resistance area, confirming it as resistance.
LTC price is now approaching a long-term ascending support line at $76.
Weekly RSI supports a continuing downtrend.
LTC’s third halving increased scarcity, but price fell possibly due to miners selling off.
LTC is currently close to the channel’s support line, indicating a strong support area.

Hot Take: Despite the recent downturn in LTC price, there is hope for a bounce as it approaches key support levels. The price could either increase by 20% to reach $100 resistance or potentially drop by 25% to the $64 support area.

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Bernard Nicolai

Bernard Nicolai emerges as a beacon of wisdom, seamlessly harmonizing the roles of crypto analyst, dedicated researcher, and editorial virtuoso. Within the labyrinth of digital assets, Bernard's insights echo like a resonant chord, touching the minds of seekers with diverse curiosities. His talent for deciphering the most intricate strands of crypto intricacies seamlessly aligns with his editorial finesse, transforming complexity into a captivating narrative of comprehension. Guiding both seasoned adventurers and inquisitive newcomers, Bernard's insights forge a compass for informed decision-making within the ever-evolving tapestry of cryptocurrencies. With the artistry of a wordsmith, they craft a narrative that enriches the evolving chronicle of the crypto cosmos.