Litecoin price analysis: LTC/USD defends $62 support, what next?

  • Technical levels point towards sideways trading taking precedence.
  • Litecoin stays in an uptrend in spite of the rejection at the $64 resistance level.

Litecoin made an attempt to break above $64.00 resistance level. However, bears swung into action testing the short-term support at $62.00. On the other hand, the price is trading above the 50 Simple Moving Average (SMA) on the 4-hour chart as well as the 100 SMA. In case, the downtrend momentum extends the SMAs will are in line to offer support at $60 and $57 respectively.

The Relative Strength Index (RSI) in the same 4-hour range shows that sideways trading is likely to take precedence. It is important that the RSI remains above 50. However, any downward correction will signal the price breakdown towards $60.

Despite the rejection at $64, Litecoin has sustained an uptrend above a short-term ascending trendline. The trendline will come in handy in the event of losses towards $60.

LTC/USD 4-hour chart

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin unstoppable push to $12,000, China piloting digital currency in cities

BTC/USD again failed in the journey to overcome the resistance at $12,000. The bullish leg made it above the resistance at $11,600 but hit the next hurdle at $11,800.

More Bitcoin News

XRP/USD on the verge of a triangle breakout, is $0.32 within reach?

Ripple price has been narrowing within a falling triangle pattern for two weeks now. The retreat followed an impressive price action that has seen XRP rally from July lows at $0.1740. 

More Ripple News

Ethereum Classic Price Analysis: ETC/USD bulls fail near the $7-level

ETC/USD faced bearish correction following two straight bullish sessions. The price dropped from $6.925 to $6.889. The moving average convergence/divergence (MACD) shows sustained bearish ...

More Ethereum Classic News

Cardano Market Update: Bulls stay in control as staked ADA count crosses ten billion

With over ten billion ADA being staked and more than 920 active staking pools, Cardano appears to have reached a new milestone. After the recent Shelley upgrade, users have been able to stake their ADA ...

More TRON news


Bitcoin Weekly Forecast: BTC hit the pause button before a decisive breakthrough

Bitcoin lived through a wild roller-coaster move during the previous weekend. The coin hit the new 2020 high above $12,000 and crashed to $10,500 in a matter of hours. 

Read the weekly forecast