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Sohrab Khawas
Sohrab Khawas
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Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.
- Sep 14, 2023 06:27 UTC
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LTC Price Analysis: With Litecoin Starting A Rally, Will It Cross $70?
LTC price action shows a bullish revival at $60 teasing a recovery breakout rally of $70.
Following the death cross, Litecoin is now officially under a downtrend.
A drop below $60 will crash the LTC price to $50, an 18% drop.
On August 17th, Litecoin (LTC) price broke the crucial support zone of $70 with a 13% intraday drop. The demand belt, present close to $70, was successful in bouncing the prices higher twice in 2023.
Moreover, the downtrend cracks the trend line supporting the pullback phase, reflecting the solid supply pressure.
With a negative 11% year-to-date return in 2023, LTC price loses all the 2023 gains and trades at $62.14. Making a short V-shaped reversal, the LTC price retests the broken trendline for the second time, bringing a 5.63% recovery.
Currently, the Litecoin price clings close to the crucial price action zone at $62. With the overall market recovery, the altcoin price can surface above the broken trendline, which may boost the price higher to the 50-day EMA at $71.
However, post-death cross (bearish crossover of 50 and 200-day EMA), the increased selling pressure warns of a sharp profit booking to put out the recovery.
Coming to the technical indicators, the MACD and RSI are presenting a recovery in motion. The RSI line resurfaces from the oversold zone to highlight a bullish divergence. Moreover, the MACD indicator takes a positive alignment with bullish histograms on the rise.
Will LTC Price Bounce To $70?
Despite the buyers making a comeback to challenge the $62 belt, the overall trend remains bearish. However, with the market leaders finding fresh relief, the altcoins are set to enter a recovery phase.
Therefore, with an impressive recovery, the LTC price can break above the trendline to reach $70.
On the flip side, a downtrend continuation will breach the $60 zone, to test bullish dominance at $50 demand belt.
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