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29 March 2024
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Altcoins

Litecoin Price Analysis: Heavy consolidation phase noted in LTC, buyers should wait for confirmation

  • Litecoin price appears to be range bound as its price action is trapped between the $75 to $65 area.
  • The daily trading volume bars are indicating an increase in volatility, which could be a hidden signal of an upcoming rally.
  • Litecoin price is up 2.7% at 0.002374 satoshis in line with the price of the bitcoin pair.

The daily chart reveals that Litecoin has been in a decline since mid-November. We can observe that the price of LTC has been in a significant downturn. The currency managed to breach the 9th support level at $95.87, its lowest level since March 6.

According to the 4-hour price chart, LTC coin has remained in a horizontal range for the previous 10 days throughout the recovery. Buyers must accumulate additional potential to retake the $80 mark for an upward surge.

At the time of writing, Litecoin is looking sideways inside the previous high of $79.6. Thus the market cap is struggling to recapitalize to $5 billion with an increase of 1.0% in the last 24 hours according to CMC. Similarly, Litecoin price rose 2.7% to 0.002374 satoshis, in line with the price of the bitcoin pair.

The daily trading volume bars are indicating an increase in volatility, which could be a hidden sign of an upcoming rally. But on the other hand, traders saw a 22% drop in trading volume as compared to the previous night. Bulls still need to gather more capacity to cross the $75 to $65 zone

Buy or deny? 

Source: LTC/USDT by Tradingview

LTC holders have been facing trouble near the 20 EMA for the past several days as bears continue to sell the altcoin since April 6. Similarly the remaining 50, 100 and 200 EMAs are well above the price of the altcoin.

Conversely, the RSI indicator is showing recovery for Litecoin as it bounces back after dipping into the oversold zone.

Conclusion

The bulls need to accumulate more potential to cross the $75 to $65 range in order to reach the conceptual round objective of $100.

Technical Level

Support level – $55 and $40

Resistance level – $100 and $130

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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