Connect with us

Litecoin

Litecoin Price Prediction: LTC bulls fail to shatter the critical level of $70. Sellers spread the breakdown.

Published

on

LTC price from the prior month trades in a narrow range showing a consolidation pattern. The investors look for a breakout in the LTC coin, which is precisely done on Nov 2nd. The price breaks the range of $57 and shows three successive days of buying, rallying the price to $73, which blocks at the round level of $70, which is the decisive resistance. At that pinpoint, LTC loses momentum and fails to retain the range, leading to tumbling prices.

The inverted hammer on the top forms on the chart, which alerts the investors for follow-up buying. Then, at $70, the price swung downwards, and short selling was seen.

Despite the shortfall of prices, the bullish engulfing pattern forms on the bottom, which bounces back the prices from the lower range of the Bollinger band to the middle zone.

LTC trades out of pennant shows breakout on the daily chart 

Source: TradingView

LTC smashes the pennant range on the daily chart and registers a breakout in the last week. Moreover, the volume rises snappily as buyers enter into the trade. The much-awaited breakout in the LTC coin redirects the price from $55 to $70. At the time of writing, LTC is now trading at $59.19, with a positive change of 1.70%. Moreover, the trading volume also moved 20% upside in the last evening.

LTC hovers near its 20,50 days EMA in the whole of September month, and the pennant crossover fetches the potential of bulls.

What LTC indicates on short term 

Source: TradingView

LTC has put down its leg from the 200 days EMA, and now from the bottom swings price sustains its strength to fetch the significant moving averages. 

The price action denotes that the coin will be attempting to break the resistance of $70 once again in the near sessions. The recent breakout shows profit booking, which holds the price for a while, and the price again fumbles below. 

Source: TradingView

The RSI indicates a nonaligned stance, positioning its value near 50, which means the war between the bulls and bears is even engaged, which applies the move in any noteworthy direction. LTC investors must keep an eye on the price to assume any further decisions.

Moreover, the MACD indicator favours bulls, as the histogram displays bullish cues. Last night, the crossover still needed to happen, but was unable to register because of the decay of volume.

Conclusion:

LTC shows bullish gestures, now the price is at make or break level where it can break $70, but the unfavourable action of the market makes it more challenging for the bulls to register the breakout.

Support Levels: $45 and $40

Resistance Levels: $65 and $75

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

News Source