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Price Analysis

Litecoin (LTC) Trades with a Better Price Amongst the Bearish Sentiment of the Crypto Market

Litecoin price has notably traced its trading below $75 since past three days now except a major spike yesterday at $74.99. But there has been a commendable increase in the 24-hour volume yesterday which slid today with a layover in the slight bearish zone. 

The $80 price area remains the major resistance for the LTC coin to trade and fetch profits over recovery. But Litecoin has not fallen tremendously and this remains a powerful booster of the coin with $70 serving as the major support area.

Litecoin to USD Price Chart by TradingView:

The below price chart is a data feed taken from Coinbase as on 27th August at 12:11 UTC.

Litecoin Price Chart
Litecoin Price Chart by TradingView

Litecoin price in the past 24 hours is trading in between the upper range and the lower range from $74 to $72 ranked amongst the top 5 coins in the crypto market. The current trading price of $72.48 is 2.85% lower than the highest of the said time frame. 

But the slight bearish sentiment has hit the LTC coin to trade below its short-term moving averages and even the 5-day EMA ($73.19). If the coin falls even further, it is ought to face the support at $70 below which the investors are going to have a loss-making phase and the only choice that remains is to stay put with their investments. 

However, the volatility at present is quite high and the coin will have a subtle move once it gets directional trading.

The 5-day SMA and the 5-day EMA stays around $73 which leaves the Litecoin the strong selling zone. 

The MACD appears to have a bearish crossover on the negative side below zero with its RSI near to 40. 

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Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.

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