Litecoin (LTC) price analysis: LTC/USD attempts to break free from a range

Litecoin has been confined to a narrow range since the end of September.
Ыtrong resistance is created on approach to $65.50.

Tanya Abrosimova Independent Analyst

Litecoin has been moving in a narrow range, unable to realize the potential of a strong bull run on the cryptocurrency market, The 6th largest digital asset with the current market value of $3.7 billion has gained 1.2 on a day-on-day basis and lost 1% since the beginning of the day. At the time of writing, LTC/USD is changing hands at $58.41. Litecoin’s daily trading volume spiked to $2.7 billion.

LTC/USD, the technical picture

Looking technically, LTC/USD is attempting to break from the recent range. The upper line of the channel is located above $58.00 and strengthened by the middle line of a Bollinger Band on a daily chart. If the coin stays above this barrier, the upside may be extended towards the next important hurdle at $60.00. Once it is out of the way, $63.30 will come into focus. This resistance is created by the long-tern sloping trendline from June 23 high at $66.50. The next resistance comes at $65.50 (SMA50 (Simple Moving Average) on a daily chart.

On the downside, keep an eye at $56.70 (Wednesday’s low) followed by the lower boundary of the above-said channel at $52.80. A strong move below this barrier will increase the downside pressure with the next focus on $50.39 (September 26 low) and psychological $50.00.

LTC/USD, daily chart

Author

Tanya Abrosimova

Independent Analyst

Sui extends sideways action ahead of Grayscale’s GSUI ETF launch

Sui is extending its downtrend for the second consecutive day, trading at 0.95 at the time of writing on Wednesday. The Layer-1 token is down over 16% in February and approximately 34% from the start of the year, aligning with the overall bearish sentiment across the crypto market.