Litecoin Holds Above Critical Support as It Revisits the $70 High

Key Highlights

Litecoin revisits previous low at $60
The crypto asset resumes its sideways trend

Litecoin (LTC) Current Statistics

The current price: $65.30
Market Capitalization: $5,480,396,706
Trading Volume: $203,779,326
Major supply zones: $100, $120, $140
Major demand zones: $80, $60, $40

Litecoin (LTC) Price Analysis October 4, 2024

Litecoin’s (LTC) price has reached bearish exhaustion as it revisits the $70 high. In other words, the negative trend has reversed above the $60 support, ushering in a range-bound advance. For the past two months, the market has been trading sideways between $60 and $72.

On the daily chart, the cryptocurrency’s price has gone below the moving average lines, reaching the current support of $60. Today, the altcoin is correcting upward, resting the moving average lines. On the weekly chart, Litecoin will resume a positive trend until the price breaks above the moving average lines or the resistance level at $76.

Litecoin will rise to its prior high of $89. On the negative, a further decline in the coin is improbable as the bearish trend reverses. Litecoin is currently worth $64.93.

Litecoin (LTC) Technical Indicators Reading

The moving average lines are sloping horizontally, indicating a sideways trend. On the daily chart, the price bars have moved both below and above the moving average lines. Neither the bulls nor the bears have been able to break through the range-bound levels. 

What Is the Next Move for Litecoin

Litecoin has continued to maintain its sideways move as it revisits the $70 high. The bulls have retested and broken the resistance once but failed to sustain the bullish momentum above it, hence the sideways move. The sideways trend will persist as long as the resistance level remains unbroken.

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