Litecoin Advances but Encounters Resistance at $70

Key Highlights
LTC price battles the resistance at $70
The altcoin will soon regain its bullish trend

Litecoin (LTC) Current Statistics
The current price: $66.34
Market Capitalization: $5,568,330,775
Trading Volume: $276,509,638
Major supply zones: $80, $100, $120
Major demand zones: $60, $40, $20

Litecoin (LTC) Price Analysis October 2, 2023
The price of Litecoin (LTC) has finally breached the 50-day Simple Moving Average (SMA) but encounters resistance at $70.Since September 15, the crypto asset has been trading above the 21-day SMA but below the 50-day SMA.

The bulls managed to keep the price above the 50-day SMA on October 1, but they were repulsed at the latest high. Litecoin has made a new upward move after retracing above the moving average lines. The upward movement encountered resistance at the high of $70. If the current resistance level is broken, the market will rise to a high of S85.

Litecoin (LTC) Technical Indicators Reading
Since the bearish trend’s termination, the cryptocurrency asset has been compelled to oscillate inside a narrow range. The altcoin is trending as it rises above the 50-day SMA. The price bars that are above the moving average lines suggest a potential rise in the price of the cryptocurrency.

If the price breaks below the moving average lines, the rising trend will end.

Conclusion
The price of Litecoin may rise further but encounters resistance at $70. The upward advances in the price have already encountered rejection at the $70 high. The LTC price was resisted in each of the three occurrences. However, if buyers manage to go past the current resistance level, the cryptocurrency will increase.

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