Litecoin Traders Face Dilemma Ahead Of Breakout, Will Price Rally To $60?
- LTC price breaks down into a descending triangle as price failed to break above resistance, holding price from trending higher.
- LTC trades below 8 and 20-day Exponential Moving Average as the price struggles to regain bullish signs as the price continues ranging in a descending triangle.
- LTC prices continue to range as prices aim for a breakout in either direction.
The price of Litecoin (LTC) continues to struggle as price ranges in an attempt to rekindle its bullish movement against tether (USDT). Litecoin (LTC) and other crypto assets enjoyed a relief bounce in previous weeks that saw the crypto market cap looking good for cryptocurrencies across the industry, with many producing double-digit gains; LTC showed some relief bounces but was quickly rejected into a range price movement. (Data from Binance)
Litecoin (LTC) Price Analysis On The Weekly Chart
Despite having a tough time in recent months with the price falling to a low of $40 due to the market condition as the crypto market has remained in a bear market for over six months now, leading to many crypto assets retesting their weekly low while others are just hanging on key support.
After the price of LTC rallied to a high of $300, the price declined as it dropped to a weekly low of $40, where the price held strong after forming support, and this region looked like a demand zone for prices.
The price of LTC bounced off from this region of $40 as the price rallied to a weekly high of $65 as the price faced resistance to breaking higher as the price retraced to $100.
LTC’s price has since continued in its range movement as price prepares to break out of this range as it aims to retest the resistance at $65.
Weekly resistance for the price of LTC – $65.
Weekly support for the price of LTC – $40.
Price Analysis Of LTC On The Daily (1D) Chart
On the daily timeframe, the price of LTC continues to trade below the 8, and 20-day Exponential Moving Average (EMA), which is not good for a short-term price trend to the upside. The prices of $53.5 and $52 correspond to the prices at 8 and 20 EMA acting as resistance for LTC.
The price of LTC continues in a range-bound movement as the price has formed a descending triangle. The price of LTC needs to break out to the upside to resume its bullish movement; a break to the downside would send the price of LTC to a daily low of $47 and likely $40.
Daily resistance for the LTC price – $55-65.
Daily support for the LTC price – $47-$45.
Featured Image From CryptoCompare, Charts From Tradingview