Litecoin Traders Face Dilemma Ahead Of Breakout, Will Price Rally To $60?
October 12 2022 - 1:00PM
NEWSBTC
LTC price breaks down into a descending triangle as price failed to
break above resistance, holding price from trending higher.
LTC trades below 8 and 20-day Exponential Moving Average as the
price struggles to regain bullish signs as the price continues
ranging in a descending triangle. LTC prices continue to
range as prices aim for a breakout in either direction. The
price of Litecoin (LTC) continues to struggle as price ranges in an
attempt to rekindle its bullish movement against tether (USDT).
Litecoin (LTC) and other crypto assets enjoyed a relief bounce in
previous weeks that saw the crypto market cap looking good for
cryptocurrencies across the industry, with many producing
double-digit gains; LTC showed some relief bounces but was quickly
rejected into a range price movement. (Data from
Binance) Related Reading: This Expert Suggests How
Ripple Price Will Trend Amid Expansion In Europe Litecoin (LTC)
Price Analysis On The Weekly Chart Despite having a tough time in
recent months with the price falling to a low of $40 due to the
market condition as the crypto market has remained in a bear market
for over six months now, leading to many crypto assets retesting
their weekly low while others are just hanging on key support.
After the price of LTC rallied to a high of $300, the price
declined as it dropped to a weekly low of $40, where the price held
strong after forming support, and this region looked like a demand
zone for prices. The price of LTC bounced off from this
region of $40 as the price rallied to a weekly high of $65 as the
price faced resistance to breaking higher as the price retraced to
$100. LTC’s price has since continued in its range movement as
price prepares to break out of this range as it aims to retest the
resistance at $65. Weekly resistance for the price of LTC –
$65. Weekly support for the price of LTC – $40. Price Analysis Of
LTC On The Daily (1D) Chart On the daily timeframe, the price of
LTC continues to trade below the 8, and 20-day Exponential Moving
Average (EMA), which is not good for a short-term price trend to
the upside. The prices of $53.5 and $52 correspond to the prices at
8 and 20 EMA acting as resistance for LTC. The price of LTC
continues in a range-bound movement as the price has formed a
descending triangle. The price of LTC needs to break out to the
upside to resume its bullish movement; a break to the downside
would send the price of LTC to a daily low of $47 and likely
$40. Daily resistance for the LTC price – $55-65. Daily
support for the LTC price – $47-$45. Related Reading: Why ApeCoin
Traders Should Expect The Next Coming Days To Be Tough For APE
Featured Image From CryptoCompare, Charts From Tradingview
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