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Home»Altcoins»LTC Faces Uphill Task Near $70
Altcoins

LTC Faces Uphill Task Near $70

2023-08-21No Comments3 Mins Read
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Litecoin worth declined closely under $80 and $70 towards the US Greenback. LTC is trying a restoration wave however upsides is perhaps restricted above $70.

  • Litecoin is correcting losses from the $56 assist zone towards the US Greenback.
  • The worth is now buying and selling under $70 and the 100 easy transferring common (4 hours).
  • There’s a key bearish development line forming with resistance close to $66.00 on the 4-hour chart of the LTC/USD pair (information feed from Kraken).
  • The worth may get well above $66 however the bears may stay lively close to $70.

Litecoin Worth Begins Restoration

This previous week, there was a pointy decline in Bitcoin, Ethereum, Litecoin, and different altcoins towards the US Greenback. LTC worth fashioned a high close to $85 earlier than it began a recent decline.

There was a pointy decline under $80 and $70. The worth even declined under $60. It traded as little as $55.78 and not too long ago began an upside correction. There was a minor improve above the $60 resistance stage. The worth climbed above the 23.6% Fib retracement stage of the downward transfer from the $85.39 swing excessive to the $55.78 low.

Litecoin is now buying and selling under $70 and the 100 easy transferring common (4 hours). There’s additionally a key bearish development line forming with resistance close to $66.00 on the 4-hour chart of the LTC/USD pair.

On the upside, fast resistance is close to the $66 zone. The subsequent main resistance is close to the $70 stage. It’s near the 50% Fib retracement stage of the downward transfer from the $85.39 swing excessive to the $55.78 low. If there’s a clear break above the $70 resistance, the value may begin one other robust improve.

See also  Litecoin (LTC) Price To Surge 50% in the Next 8-10 Weeks, But There's a Catch

Litecoin Price Prediction

Supply: LTCUSD on TradingView.com

Within the said case, the value is more likely to proceed greater towards the $75 and $78 ranges. Any extra positive aspects may ship LTC’s worth towards the $85 resistance zone.

Recent Decline in LTC?

If Litecoin worth fails to clear the $70 resistance stage, there may very well be a recent decline. Preliminary assist on the draw back is close to the $63.50 stage.

The subsequent main assist is forming close to the $60 stage, under which there’s a danger of a transfer towards the $56.00 assist. Any additional losses might maybe ship the value towards the $52 assist.

Technical indicators:

4-hour MACD – The MACD is now gaining tempo within the bullish zone.

4-hour RSI (Relative Power Index) – The RSI for LTC/USD continues to be under the 50 stage.

Main Assist Ranges – $63.50 adopted by $60.00.

Main Resistance Ranges – $66.00 and $70.00.

Source link

Faces LTC task Uphill
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