Fluctuations continue in the crypto market. Litecoin While it continues to hover around $70, it continues to struggle to regain momentum.
LTC price traded in a tight area between $64.10 and $66.11 for a while. The bulls then lost momentum and the price recorded a loss of around 8% in valuation. However, the bulls held the price strongly above the key support level at $60.99, resulting in a bounce back on the chart.
Litecoin price gained over 12.5% before rejection at $68.72. Bulls then lost momentum and erased 6.7% from its valuation. After testing the $64.10 low, the bulls regained strength and the price registered a 20.5% jump over the next three days.
Following this, the price started trading under bearish influence and recorded a loss of approximately 14.5% over the next six days. After that, the price showed significant fluctuations on its chart, highlighting the increase in buying and selling pressure in the market.
LTC then tested a low of $64.10, following which the price remained sideways for a while. After multiple unsuccessful attempts to break the resistance level, the bulls successfully registered a breakout. The price then traded in a closed range between $66.11 and $68.72 for the next two weeks.
Since then, the price has been trading in a consolidated range between $68.72 and $72.82 and is on the verge of testing the support level, the outcome of which is unpredictable.
Will Litcoin Rise Again?
Koinfinans.com As we reported, the Moving Average Convergence Divergence (MACD) shows a decline in the red histogram, indicating that the buying pressure in the market is increasing. Additionally, the averages show a steady decline on the chart, highlighting a mixed sentiment.
If the market holds the price above the $68.72 support level, Litecoin price will gain momentum and test the $70.62 resistance level. Moreover, if the market continues to gain strength, LTC price will be poised to test the upper resistance level of $72.82 in the coming weeks.
On the downside, if the bulls fail to sustain the price above the $68.72 support level, LTC price will lose momentum and decline to test the lower support level at $66.11. Moreover, if the bears continue to maintain power over the bulls, it will decline further and prepare to test the important support level at $64.10 this month.
