Crypto News – Since hitting its yearly high of $115 in July, the price of Litecoin (LTC) has decreased by 50%. The price has broken out of a downward resistance trendline and is currently trading above the long-term horizontal support level of $63.
Litecoin Bulls and Bears Battle: Who Will Win at $63 Support?
In August, the price reached a low of $56 as a result of the downward movement, which resulted in a breakdown from an ascending support trendline. Comparing the low to the peak, this represented a 50% drop. The price of the cryptocurrency has recently been slightly above the $63 horizontal region since its low. When it first bounced following the low, a lengthy lower wick resulted. This is seen as a sign that buyers are taking control and preventing sellers from driving the price lower.
On the other hand, two more bullish candlesticks were produced by Litecoin in September. Its significance is further increased by the fact that candlesticks are seen at the horizontal $63 region. But this week, there’s a chance that the LTC price will result in a bearish candlestick.
LTC Price Prediction
The weekly RSI is bearish in addition to the likelihood of a bearish candlestick this week. After diverging over it, LTC dropped below the $68 resistance zone on the negative side. Since buyers were unable to maintain the gain, such variances are regarded as negative indications.
On September 15, the alternative currency made a breakout from a trendline of declining resistance. The trendline’s breakout indicates that the prior correction is over because it had been in place for 74 days. The daily RSI is positive despite the mixed-price activity. The indicator produced a bullish divergence before the breakout. A breakout over the $68 resistance zone for the price of Litecoin is somewhat more likely as a result of the RSI. If this happens, the most likely outcome is a 28% climb to the next resistance level at $85.
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