Litecoin price analysis shows Litecoin has retraced lower after briefly breaking above the key psychological $70 level. The pullback comes after a significant price fall across the entire cryptocurrency market.
Looking at the broader cryptocurrency market,Litecoin is among the best performed altcoin over the last two months. Litecoin price has gained 25% despite the negative sentiment in the market.
Litecoin’s trading volume has increased significantly following a surge in the number of addresses on its network. Litecoin’s trading volume is totaling $495,917,986 while the marketcap is currently $4.8 billion.
Litecoin’s Technical Analysis
Litecoin is trading at $67.63,down by 3.24% in the last 24 hours.Litecoin has formed a fallining wedge pattern after breaking below $70.0.The current price movement shows that bulls are fighting hard to keep the prices above this support level.The Fibonacci retracement level of $67-65.5 could be seen as a strong support for the coin if the prices break below this level
LTC/USD daily chart:TradingView
Further technical indications shows LTC/USD pair is trading in a bearish zone and the 20-day exponential moving average (EMA) is above the 50-day simple moving average (SMA).The Relative Strength Index (RSI) has dropped below 40 which indicates a further downward trend in prices.
On the other hand, a rebound in prices could also be seen if the bulls manage to break and sustain above $70.0.Litecoin’s prices are fluctuating in a range of $67.38 and $70.54,as the volatility increases.The Bollinger bands are diverging indicating lower volatility.The prices are likely to break out upwards a green candlestic has started forming on the 4-hour chart.
Overall,Litecoin price analysis shows that the prices are likely to break out of this range in either direction.The key support levels to watch are $67.0 and $65.5 with the resistance levels at $70 and $72 respectively.
