fbpx
Price Analysis

Litecoin (LTC) Faces Rejection Above $70, Returns to its Price Range Around $67

  • LTC price saw rejection above $70 yesterday, rapidly pulls back
  • Price of Litecoin continues the pullback today, may stop near $67
  • Technical Indicators give negative signs, while the coin trades under selling pressure

Yesterday’s price rise for Litecoin took a break on the same day when it could not clear the resistance level above $70.66. The pullback has ushered the coin near $67 against the U.S Dollar recently.

Litecoin price opened at $67.20 yesterday and slowly started an increase tracing a bullish trendline. The coin saw a major upward price shift in the middle of the day when it reached above $69.67 from $66.98. The coin furthered the rise till it hit the price mark of $70.66 with an increase of 5.48%.

With a steep pullback, Litecoin has recently traded to $67.29 with a price decline of 4.79%. The coin is looking for strong support near $67.14 at 10:00:50 UTC.

LTC to USD Price Chart

Litecoin Price Chart
Litecoin Price Chart

Litecoin is currently trading near $67, which is where it was yesterday morning. Notably, all three technical indicators are pointing out towards a bearish trend. The line term SMA line is above the short term SMA line of LTC. Also, the coin is well below its 50-day SMA of $83.34.

Litecoin value, which is carrying a selling pressure at the moment is anticipated to have a support level near $67. Also, the price range around $70 may pose as a strong price barrier as the coin has been failing to maintain stability above $70.

Litecoin Technical Indicators

RSI of LTC/USD is near 30, showing an oversold momentum, while MACD is in the bearish zone with its MACD line above the signal line. LTC price may see resistance at $71.01, $72.9 and $75.08 and support at $64.76 and $62.87.

Tags
Show More

Ruti Vora

Ruti regularly contributes in-depth news articles for leading cryptocurrencies. She contributes technical chart-based price updates and analysis pieces on world's leading digital currencies. She holds graduate degree in journalism.

Related Articles

Back to top button