The post Litecoin Price Stumbles Again! LTC Price To Record New Low? appeared first on Coinpedia Fintech News
The crypto industry continues to display a mixed sentiment as some top tokens record positive uptrend whereas the other half experiences a correction in valuation. Litecoin, on the other hand, continues its struggle to regain momentum as it continues to hover around the $70 mark.
The LTC price traded in a narrow space between $64.10 and $66.11 for a while, following which the bulls lost momentum and the price recorded a loss of approximately 8% in valuation. However, the bulls held the price strong above its crucial support level of $60.99, resulting in a bounce back in the chart.
The Litecoin price jumped over 12.5% in value, before facing rejection at $68.72, after which the bulls lost momentum and erased 6.7% from its valuation. After testing a low of $64.10, the bulls regained power and the price recorded a jump of 20.5% within the next three days.
TradingView: LTC/USDT
Following this, the price started trading under a bearish influence and recorded a loss of approximately 14.5% within the next six days. After this, the price displayed significant fluctuations in its chart, highlighting an increase in buying and selling pressure within the market.
The Litcoin then tested a low of $64.10, following which the price traded sideways for a while. After multiple failed attempts to break the resistance level, the bulls successfully recorded a breakout, after which the price 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 its support level of which the outcome is unpredictable.
Will LTC Rise Again?
The Moving Average Convergence Divergence (MACD) displays a decline in the red histogram, indicating a rise in the buying pressure within the market. Further, the averages show a constant decline in the chart, highlighting a mixed sentiment.
If the market holds the price above the support level of $68.72, the Litecoin price will regain momentum and test its resistance level of $70.62. Moreover, if the market continues to gain power, the LTC price will prepare to test its upper resistance level of $72.82 in the upcoming weeks.
Negatively, if the bulls fail to hold the price above the support level of $68.72, the LTC price will lose momentum and fall to test its lower support level of $66.11. Further, if the bears continue to hold power over the bulls, it will further plunge and prepare to test its crucial support level of $64.10 this month.