Litecoin Traders Face Dilemma Ahead Of Breakout, Will Price Rally To $60?

  • LTC’s price falls into a triangle, as it failed to surpass resistance. It is keeping price from trending up. 
  • LTC trades fall below the 8- and 20 day Exponential Moving averages as the price struggled to regain bullish signals as it continues to range in a downward triangle. 
  • LTC price ranges continue as LTC prices target a breakout in one direction. 

The price of Litecoin continues to fall as it fluctuates in order to regain its bullish position against tether USDT. Litecoin and other crypto assets saw a relief rebound in prior weeks, which made the crypto market cap look good across the entire industry. Many cryptocurrencies produced double-digit gains. LTC had some relief bounces, but it was quickly rejected by a price range. Data from Binance  

Litecoin (LTC), Price Analysis on The Weekly Chart

The crypto market conditions have been difficult in recent months, with prices falling as low as $40. However, many crypto assets are now retesting their lowest weekly levels while others hang on to support.

The price of LTC rose to $300 after it reached a peak of $305. However, this price dropped to $40 per week, which was a low price for LTC. This price level held firm and looked as a potential demand area. 

LTC’s price bounced from the $40 region. It reached $65 on a weekly basis, but it was not easy to break higher. The price fell to 100 as resistance.

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.

LTC Price Analysis On A Daily (1D), Chart

LTCUSDT Daily Price Chart. Source:| Source: LTCUSDT On

LTC’s daily price trades below its Exponential Moving Average (EMA) of 8, 20 and 20, which are not favorable for a long-term trend towards the upside. LTC resistance is represented by the price of LTC at 20 EMA, which are $53.52 and $52.

LTC’s price is still in range as it has been trapped within a triangle. LTC should move up to continue its bullish trend. LTC prices must fall to the upside if they are to recover their bullish momentum. LTC would drop to $47 per hour and possibly $40 per day if it falls to the downside. 

Daily resistance for the LTC price – $55-65.

Daily support for the LTC price – $47-$45.

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