Litecoin Drifts Laterally as It Faces Rejection at $77

Azeez Mustapha


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Key Highlights
LTC price faces rejection at $77
The crypto has regained bullish momentum

Litecoin (LTC) Current Statistics
The current price: $75.77
Market Capitalization: $6,365,704,805
Trading Volume: $571,044,292
Major supply zones: $80, $100, $120
Major demand zones: $60, $40, $20

Litecoin (LTC) Price Analysis December 28, 2023
The price of Litecoin (LTC) drifts laterally after breaking above the moving average lines. The bears broke below the moving average lines on December 24 and extended the drop below the previous low. However, the bull bought the dips as Litecoin surged to a peak of $77.

The altcoin is set to surpass its previous high of $79. On the plus side, if the bulls break above the previous high, the altcoin will surge to the next resistance level of $83. The price of Litecoin will drop and start to drift laterally if it is unable to reach the prior high.

The price of the altcoin will range between $70 and $79. Meanwhile, the LTC price is now trading around $76 at the time of writing.

Litecoin Drifts Laterally as It Faces Rejection at $77
LTC/USD – Daily Chart

Litecoin (LTC) Technical Indicators Reading
The price bars are now above the moving average lines as a result of the recent breakout. The cryptocurrency has the potential to reclaim its earlier highs. The moving average lines have remained horizontal due to the sideways trend.

Litecoin drifts laterally as it surpasses its previous high of $76. Nonetheless, the altcoin is encountering early resistance near $77. The resistance is pushing it to resume its sideways movement between the price levels of $70 and $79.

Buyers have failed to maintain the bullish trend above the $76 resistance since November 6.

Litecoin Drifts Laterally as It Faces Rejection at $77
LTC/USD – 4 Hour Chart

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

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