Litecoin Price Analysis: Make or break as LTC/USD tests key $65 support
|- Litecoin price defends the $65 support by all means to avert the risks of sliding towards $50.
- The sellers remain largely in control of the trend especially with both the RSI and the MACD in critical selling zones.
Litecoin price is in shambles just like the other major cryptocurrencies in the market. Instances of recovery have been very rare since the declines kicked off on Monday. The gravitation, especially with Litecoin price has been relatively unstoppable. Expected support areas at $80, $75 and $70 have been left shattered and a pale shadow of what they once were. However, sellers have camped in the same very zones waiting to exert more pressure on the already battered bulls.
Meanwhile, LITC/USD is doddering at $68.48 after suffering a 3.35% loss on the day. An intraday high formed at $72.12 is now the ultimate short term resistance. Litecoin price, further explored the levels close to the key support at $65. The buyer congestion in the zone has pulled LTC upwards, however, there isn’t enough power to send the price above $70 (resistance area).
Litecoin price technical picture
The 2-hour chart shows Litecoin trading under a two-month-long ascending trendline. The trendline has in the past function as support (latest on February 20). Recovery above $70 could take a while especially now that both the RSI and the MACD are sending more bearish signals. Litecoin price is also trading below the moving average, which gives the sellers an upper hand.
If support at $65 caves in, LTC/USD could fall further toward the next zone at $50. However, consolidation at between $65 and $70 is likely to allow the bulls to refocus their attention on levels above $80 and ultimately $100.
LTC/USD 2-hour chart
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