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24 September 2022
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Litecoin Price Analysis: LTC Must Escape this Consolidation at 2020 Lows!

  • Litecoin price is sideways after leaving from the falling wedge pattern over the daily price chart.
  • LTC crypto consolidates above 20 and 50 EMA and is waiting to cross the 100 and 200-days Daily Moving Average. 
  • The pair of LTC/BTC is at 0.003018 BTC with an intraday gain of 0.05%.

The price of Litecoin has been falling in a wedge-shaped pattern throughout the daily price chart. To break out of the falling pattern, bulls on LTC attempted to maintain their position at the chart’s top trendline. The token is once again going in the direction of the top trendline with a gradually rising momentum. This time, the bulls will need to get together to see the breakout of the token. By driving LTC back towards the lower trendline, bears are also seeking to change the direction of the token’s advance. Investors in LTC must wait until LTC bulls retain their position at the upper trendline’s edge for the token to breakout. LTC currently consolidates inside the horizontal range of $50.00 and $65.00.

Litecoin’s market capitalization has risen by 0.59 percent during the last day to $59.70 at the current CMP price. The number of deals increased by 1.31% during intraday trading. Bulls must advance since they have a small stockpile in order to keep the LTC coin’s price from dropping too much. The market cap to volume ratio is 0.1032.

On the daily price chart, the price of LTC is trying to reverse its downward trend. Bulls must enhance their own accumulation, though, as their own accumulation is inadequate if they want LTC to climb. To successfully break out of the pattern, LTC must improve on its currently weak volume shift.

What do Technical Indicators suggest about LTC?

Source: LTC/USD by TradingView

On the daily price chart, the LTC coin price is attempting to ascend toward the upper trendline. The token is trying to rebound within the falling wedge. The coin needs to form bulls in order to arrest its declining pattern. Technical indicators indicate that the downward trend for LTC is gaining steam.

The Relative Strength Index highlights the fall’s momentum for the LTC coin. The RSI is about to fall below neutrality at 54. The LTC coin’s downward velocity can be seen on MACD. The MACD line is approaching the signal line for a negative crossover. LTC investors need to keep an eye on the daily price chart for any trends that change.

Conclusion

The price of Litecoin has been falling in a wedge-shaped pattern throughout the daily price chart. To break out of the falling pattern, bulls on LTC attempted to maintain their position at the chart’s top trendline. The token is once again going in the direction of the top trendline with a gradually rising momentum. This time, the bulls will need to get together to see the breakout of the token. By driving LTC back towards the lower trendline, bears are also seeking to change the direction of the token’s advance. To successfully break out of the pattern, LTC must improve on its currently weak volume shift. Technical indicators indicate that the downward trend for LTC is gaining steam. The MACD line is approaching the signal line for a negative crossover. LTC investors need to keep an eye on the daily price chart for any trends that change.

Technical Levels
Support Levels: $55.00 and $50.00 

Resistance Levels: $61.00 and $65.00

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 the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.  

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