Litecoin Price Stumbles Again! LTC Price To Record New Low?

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.