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Price Analysis

Litecoin Price Analysis: LTC Traces Lower Highs; Seeks for Strong Support

  • Litecoin sees a downtrend over a day, calls for strong support levels
  • LTC has recently started trading below $71, yesterday’s two spikes above $72 couldn’t gain momentum

Litecoin price shows an improvement in its weekly trend as it has been trading above $70 except for a few dips near $69. However, the intraday chart shows a decline of the coin from $72 to $70.

LTC saw a sharp rebound from one such dip near $69.96 yesterday, and then it ranged between $71 to $72 for a few hours. It saw another surge at $72.62; after which, LTC price has not been able to cross above $72. Tracing a bearish trendline from there, it started trading around $71 till today morning.

Today, Litecoin is exploring depths as it has breached support levels near $71 recently. At 07:09:46 UTC, Litecoin is trading at $70.71.

LTC/USD Price Chart

Litecoin Price Chart
Litecoin Price Chart

The technical indicators are set to enter the bullish zone while SMA lines are already showing positive signs. Here, the 200-day SMA line is below the 50-day SMA line.

Litecoin Technical Indicators

RSI is approaching 60, showing no extremities at the moment. MACD has just formed a bullish crossover and is in the bearish zone. Litecoin may face resistance at $72.3, $73.79, and $74.9 while can meet support levels at $69.7, $68.59, and $67.1.

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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.

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