Tanya Abrosimova
Independent Analyst
- Litecoin has been confined to a narrow range since the end of September.
- Ыtrong resistance is created on approach to $65.50.
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
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Dogwifhat price pumps 5% ahead of possible Coinbase effect
Dogwifhat (WIF) price recorded an uptick on Thursday, going as far as to outperform its peers in the meme coins space. Second only to Bonk Inu (BONK), WIF token’s show of strength was not just influenced by Bitcoin (BTC) price reclaiming above $63,000.
Runes likely to have massive support after BRC-20 and Ordinals frenzy
PUPS, WZRD, and PEPE are gaining liquidity through Bitcoin Ordinals. Creator of Bitcoin’s Ordinals protocol is debuting a new fungible token standard to rival BRC-20, Runes.
Ethereum shows firm support at key level as its correlation with US indices increase
Ethereum's price continued a sideways movement on Thursday as the market still awaits a trigger. Ethereum isn't alone in this horizontal trend; several major index funds have also traded sideways.
Mango Market attacker convicted of fraud and market manipulation
Mango Market attacker Avi Eisenberg was convicted by a federal jury on Thursday for "fraudulently obtaining" funds from the Solana-based decentralized exchange (DEX). He could face up to 20 years in prison for his role in the $110 million attack.
Bitcoin: BTC’s rangebound movement leaves traders confused
Bitcoin (BTC) price has been hovering around the $70,000 psychological level for a few weeks, resulting in a rangebound movement. This development could lead to a massive liquidation on either side before a directional move is established.