The technical indicators show that the Litecoin LTC token is currently below the 75% market range and it is bearish below this level. This is strange since the price itself is ranging between $56 and $60.
The EMAs are in the bearish territory but slowly moving to the bullish territory. The token has tested the 0.382 Fibonacci retracement level of the last surge to $76. After $76, the key resistance levels will be at $80, $100 and $120. Right now, the key support levels other than $56 are at $50, $40 and $20.
Litecoin LTC’s price action in the next few days will depend significantly on the price action of Bitcoin BTC and other major tokens in the market. Bitcoin is currently trading at $11,587.07. It is down by 2.81% against the USD with a trading volume of $24,093,118,125 and a market capitalization of $213,870,117,912.
Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.
- Litecoin LTC Price Fails to Gather Bullish Momentum, Struggling to Test the Resistance at $60
- Falling Below the $56 Level Might Lead to Lower Lows Against the USD Near-term
Litecoin LTC has been struggling for the past few days recording lower lows against the USD and Bitcoin BTC. The underlying bullish momentum has diminished and the token has failed to push above the resistance at $60.
Litecoin LTC is consolidating around the $56 level. It is at a crucial junction and would either breakout or breakdown in the next few days. All the attempts to break out of the $56 level have been futile but a successful break will help the token move to the $60 level and eventually the $65 level.
Litecoin LTC Faces Bearish Pressure Below $56
Litecoin LTC is currently trading at $56.18. It is down by 3.07% against the USD and down by 0.88% against Bitcoin BTC. The trading volume over a 24 hour period is $2,664,902,138 and the market capitalization is $3,664,233,756. Three likely things will happen in the next few days. On one hand, rising above the resistance at $56 will allow LTC to build the momentum required to move above the next resistance levels at $58 and $60.
If the token breaks the important $60 resistance, the token will move as high as $65 near-term. Eventually, LTC might have what it takes to move as high as $76.
The second option will be a downtrend. Right now, there is immediate support at $56. If the token falls below this support, there is a strong chance that it will keep declining until it gets as low as $47.50. While a fall as low as $47.50 is possible midterm, a more likely situation will be a range-bound movement between $54 and $58. The Litecoin LTC token might remain in this trading range for a long time if neither the bulls nor bears gather enough momentum.