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Price Analysis

Litecoin Gears Up for A Rebound; Hovers Around $65

Litecoin price has come back to square one after it saw a major price plunge from $67 yesterday. The coin is busy striking a price recovery against the U.S Dollar now. Moreover, the price rebound appears most likely to take place soon, as LTC’s technical indicators look positive.

Yesterday, LTC was initially hovering around $65 from where it took a steady up-surge while tracing a bullish trendline. The price rally stopped above $67.94 as it could not fight the resistance beyond. A strong pullback ushered the coin as low as $63.99 breaching major support near $0.65 and $0.64. With a mild price rebound, Litecoin managed to climb above $65 before closing.

Since today morning, Litecoin price has not shown much of a momentum, except for a few plunged near $64. However, recently the coin has reached above $66 at 11:22:54 UTC.

LTC to USD Price Chart

Litecoin Price
Litecoin Chart By TradingView

The short term SMA line for Litecoin is below the long term SMA line, indicating a bearish phase. The current price of the coin is much below both the SMAs at present.

MACD indicator depicts the positive momentum of Litecoin with a bullish crossover. RSI is heading towards the overbought momentum as it is above the transition phase.

Price of Litecoin may see resistance at $69 and $70.12 if it crosses the price barrier near $67.12. Also, the coin may find support levels at $64.12, $63 and $61.12.

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Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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