Advertise
Sohrab Khawas
Sohrab Khawas
Author
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.
- Oct 13, 2023 06:28 UTC
-
LTC Price Analysis: LTC Close To $60, Will Bulls Slingshot To $70?
LTC price action shows a falling trend under the influence of 50-day EMA.
The downtrend gains momentum following the death cross in the daily chart.
A downfall below $60 will plunge the LTC price close to the psychological mark of $50.
With the ongoing negative cycle in a consolidation range, the LTC price remains under high bearish pressure. It is evident by the downfall of 44% in the Litecoin market value before entering the sideways track.
Despite such an ongoing selling spree, the LTC price prediction holds a bullish viewpoint in the coming months.
Trapped within the tight crucial zones of $60 and $72, the LTC price takes a bearish route to test the bottom support. Moreover, the recent rejection from the 50-day EMA nullifies the possibility of an inverted head and shoulder.
As the rejection storm declines the chances of a bullish takeover, the falling prices warn of a prolonged correction rally. With a 10% drop in the last 10 days, the Litecoin prices are approaching the crucial $60 mark.
Currently, the LTC price is trading at $61.33 with an intraday growth of 0.38 percent, highlighting a morning star possibility. This potential reversal can pump the Litecoin value to challenge the 50-day EMA and increase the breakout chances to reach $70.
Technical indicators:
RSI indicator: The daily RSI line mimics the downfall following the consolidation range. This resulted in a drop close to the oversold boundary.
EMA: Keeping the bullish growth in check, the downtrend 50-day EMA is proving to be a dynamic resistance.
Will LTC Price Sustain Above $60?
Considering the downtrend momentum takes a breather phase, the Litecoin prices may soon slingshot higher. Moreover, with the Bitcoin ETF decision this October, the altcoin may soon experience a sentiment-fueled spike.
If the Litecoin price exceeds the 50-day exponential moving average, it will create a bullish entry point for traders who have been waiting on the sidelines. In addition, breaking out above the 50-day EMA will put the $70 level in play before targeting the psychological $100 level.
If the downward trend continues, the price will break through the $60 level and test the bullish dominance at the $50 support level.
Yes 
No 
