Litecoin Price Analysis: LTC/USD breakdown could test $65 ahead of recovery to $100
- Litecoin defends the two-month-long ascending trend in spite of the correction from $84 (yearly highs).
- The short term analysis clearly shows that the bears are in control as the bulls seek support towards $65.
Spot rate: $70.09
Relative change: -0.6214
Percentage change: -0.88%
Trend: Bearish
Volatility: Low
LTC/USD daily chart
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Litecoin has been posting frequent gains ever since the price broke above the long term resistance trendline that started in June 2019. The recovery has also remained within the confines of an ascending channel. If the channel support is protected once again, there is a possibility that a reversal will ensue towards $100. The formation of a golden cross is another bullish signal despite the correction from the yearly highs at $84.
LTC/USD 2-hour chart
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Litecoin price prints a bearish pattern in the short term as bulls hunt for a formidable support. The short term descending channel is likely to accord support to the buyers above $65. The sellers are in the driver’s seat at the moment as per the RSI and the MACD. Bearish pressure can only be averted by a correction above the channel resistance.
Author
John Isige
FXStreet
John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren
