Litecoin price analysis: LTC/USD shallow recovery hits another snag under $70

  • After hitting new August lows, Litecoin shallow recovery fails to break $70 hurdle.
  • Indecision strikes Litecoin price as buyers’ motivation tanks on failing to break key barriers.

Litecoin price last week intimidated the bulls who scattered into hibernation. The consolidation above $70 last week caved in to the widespread bear pressure sending LTC in a spiral. LTC/USD hit new August lows at $62.19. Luckily, the support at $62 allowed the buyers to take a deserved breather before pulling the crypto up again.

The just-concluded weekend session did not have major changes to the price. However, there is a visible shallow recovery above both the 50 Simple Moving Average (SMA) and the 100 SMA. LTC paced above $66 resistance but slowed down short of $68.

At the moment, Litecoin price action is mundanely motionless and marginally above $66.00 short-term support. All technical indicators point towards a cloud of indecision. The Moving Average Convergence Divergence is above the mean line at +0.5382. The minor negative divergence shows that selling activity will continue to hamper movement in the coming sessions.

A glance at the fast stochastic oscillator, we can tell that resistance at $68 and $70 will hard nuts to crack. This is because of the struggling buying pressure and lack of motivation after failing to crack the $68 hurdle. For now, traders can expect LTC/USD to stay above the Bollinger Bands 1-hour Middle curve until a compelling move comes from either the sellers or the buyers.

LTC/USD 1-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.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin price prediction: BTC/USD hunting for a breakout

Bitcoin upward movement continues to be limited under the 23.6% Fib retracement level we discussed earlier today. A shallow recovery from the recent deep is unable to sustain gains above $8,300. For now, the price is likely to remain pivotal at $8,300. 

More Bitcoin News

Ripple price prediction: XRP/USD breaks free from triangle pattern - XRP confluence

Ripple’s XRP broke free from the long-term triangle pattern and hit $0.2860 during early Asian hours. The now the third-largest digital asset with the current market value of $12.2 billion has gained nearly 4% in recent 24 hours and became one of the best ...

More Ripple News

TRON price analysis: TRX/USD moves within a long-term bearish trend

At the time of writing, TRX/USD is changing hands at $0.0160. The coin has gained over 15% in seven 24 days, however, the upside momentum started fading away after the price had hit $0.0175 high. 

More Tron News

Cryptocurrency market update: Bulls swinging into action

The weekend session was slow and lethargic. Cryptocurrencies across the board pushed for consolidation at lower levels than the ones witnessed last week. The situation is slightly different on Monday at the beginning of the European.

More Cryptocurrencies News


Bitcoin Weekly Forecast: BTC bulls trapped below SMA200 daily

Bitcoin bulls have had a short glimpse of victory only to suffer a bitter disappointment this week.

Read the weekly forecast