Litecoin Backtracks as It Reaches an Early Roadblock at $72

Key Highlights

Litecoin rebounds as it hits the $72 high
Litecoin continues its sideways move

Litecoin (LTC) Current Statistics

The current price: $70.89
Market Capitalization: $5,329,040,497.42
Trading Volume: $432,499,570.57
Major supply zones: $100, $120, $140
Major demand zones: $80, $60, $40

Litecoin (LTC) Price Analysis November 7, 2024

Litecoin (LTC) price rebounds but reaches an early roadblock at $72. The cryptocurrency fell to a lower price above $64 before rebounding. Since July 5, the altcoin has maintained a sideways trend. Litecoin’s current price range is between $64 and $76. The cryptocurrency price has fluctuated both below and above the moving average lines.

Today, buyers are trying to maintain bullish momentum above the moving average lines. For the past two months, upward advances have been hampered by the $76 resistance. Today, the bullish momentum was halted at the $72 mark. Litecoin will continue to go sideways after dropping.

Litecoin (LTC) Technical Indicators Reading

Following the price rebound, the price bars remain above the moving average lines. The upward trend has run into an early barrier when it should have continued. If Litecoin loses the 21-day SMA support, it will fall between the moving average lines or below them.

What Is the Next Move for Litecoin

On the 4-hour chart, Litecoin recovers above the moving average lines but reaches an early roadblock at $72. The altcoin is backtracking after encountering resistance at $72. On October 30, rejection at $74 drove Litecoin to fall to a low of $64. Today, the decline is reaching the support levels above the moving averages.

The upward trend will resume if Litecoin finds support above the moving average lines. The crypto signal is bearish, with rejection at the recent high.

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