Litecoin Traders Face a Dilemma Ahead of the Breakout, Will the Price Rise to $60?
- As the price fails to break out of the resistance and the price is trending upwards, the price of LTC enters a descending triangle.
- LTC is trading below the 8-day and 20-day exponential moving averages and the price is struggling to regain its bullish signs as it continues to swing in the downward triangle.
- LTC prices continue to move as the price seeks a breakout in either direction.
Litecoin (LTC) price continues to struggle as the price range tries to reignite the bullish move against Tether (USDT). Litecoin (LTC) and other crypto assets enjoyed a bounce of relief in the previous week, with industry-wide cryptocurrency market capitalization looking good and many generating his double-digit profits. LTC showed some rebound of relief but was quickly overwhelmed by range price action. (Data from Binance)
Litecoin (LTC) price analysis on weekly chart
The crypto market has been in a bear market for over six months now, so many crypto assets have gone through tough times in recent months, with market conditions pushing prices down to $40 lows. is retesting its weekly lows while other currencies are falling. It just hangs on the key support.
After the price of LTC climbed to a high of $300, the price fell to a weekly low of $40. There, after forming support, the price held firm and the region looked like a demand zone for the price.
The price of LTC bounced out of this $40 region and faced resistance to breaking highs as the price was pulled back to $100, pushing the price up to a weekly high of $65.
The LTC price continues range action as it aims to retest the resistance at $65 and prepares to break out of this range.
Weekly resistance to LTC price – $65.
Weekly support for LTC price – $40.
Price analysis of LTC on a daily (1D) chart
On the daily timeframe, the LTC price continues to trade below the 8-day and 20-day exponential moving averages (EMAs), unsuitable for short-term price uptrends. The $53.5 and $52 prices correspond to the 8 EMA and 20 EMA prices that act as resistance for LTC.
The price of LTC continues to move within a range as the price forms a descending triangle. LTC price needs to move up to resume its bull run. A breakout of the lows will see LTC price drop to a daily low of $47, possibly $40.
LTC price daily resistance – $55-65.
Daily support for LTC prices – $47-$45.
Featured Image From CryptoCompare, Charts From Tradingview Litecoin Traders Face a Dilemma Ahead of the Breakout, Will the Price Rise to $60?
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