Litecoin Halts and Stays below the $68 Initial Barrier

Key Highlight

Litecoin reaches bearish exhaustion above $49.90
The crypto asset faces an initial barrier at $68.00

Litecoin (LTC) Current Statistics

The current price: $67.09
Market Capitalization: $5,629,389,125
Trading Volume: $233,692,251
Major supply zones: $100, $120, $140
Major demand zones: $80, $60, $40

Litecoin (LTC) Price Analysis August 24, 2024

Litecoin’s (LTC) price has reached its bearish exhaustion as it halts and stays below the $68 initial barrier. The price indicator has predicted a possible fall and reversal at the low of $60. The crypto’s price has risen and broken above the moving average lines.

The altcoin was repelled twice as buyers attempted to keep the price above the moving average lines. Litecoin is facing an initial barrier at the $68 high. On the upside, if the current barrier is breached, the altcoin will rise to $76.

On the downside, Litecoin will retrace and become range bound between $55 and below the moving average lines, with the bulls failing to break through the resistance at $68. Today, Litecoin is trading below the initial barrier of $68.

 

Litecoin (LTC) Technical Indicators Reading

Litecoin reversed and then resumed its upward trend. On the daily chart, price bars are caught between moving average lines. The altcoin’s positive trend will resume if bulls retain the price above the moving average lines. Price activity is characterized by a small body and indecisive candlesticks.

What Is the Next Move for Litecoin

Litecoin is in an upward correction but halts and stays near the $68 mark. On the daily chart, the cryptocurrency’s price has twice challenged the resistance level but has been rejected. The altcoin’s upward movement seems unlikely because it is caught between the moving average lines.

The price movement has been constrained by the Doji candlesticks. The cryptocurrency signal is optimistic, but it is limited by traders’ uncertainty about the market’s trajectory.

 

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