Litecoin Is on a Lateral Trend as It Oscillates above $70

Azeez Mustapha


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Key Highlights
LTC price remains stable above $70
The upward move is restrained by the resistance at $74

Litecoin (LTC) Current Statistics
The current price: $73.67
Market Capitalization: $6,099,568,527
Trading Volume: $390,805,066
Major supply zones: $80, $100, $120
Major demand zones: $60, $40, $20

Litecoin (LTC) Price Analysis December 05, 2023
The price of Litecoin (LTC) is correcting upward as it oscillates above $70. The upward correction has been halted twice at the $74 resistance level. The altcoin has dropped to $72 or above the moving average lines. The price of LTC will rise to retest previous highs if the current support holds above the moving average lines.

In other words, the market will oscillate between the 21-day SMA and the $76 resistance level. The Doji candlesticks have currently delayed the upward movement. Litecoin will surge to a high of $85 if the $76 resistance is broken.

LTC/USD will return to the previous range-bound zone if the price of the coin retraces and drops below the 21-day SMA support. That is, the altcoin will be priced between $60 and $70.

Litecoin Is on a Lateral Trend as It Oscillates above $70
LTC/USD – Daily Chart

Litecoin (LTC) Technical Indicators Reading
The moving average lines on both charts are still sloping horizontally, indicating a lateral trend. The price bar is currently caught between the moving average lines. This suggests that the cryptocurrency will continue to trade in a range.

Since the August 17 price drop, the crypto asset has been range-bound at the bottom of the chart as it oscillates above $70. The presence of Doji candlesticks has dominated the price activity. The present horizontal trend will continue until the bulls break through the overhead barrier at $76.

The cryptocurrency has remained firm above the $70 support level.

 Litecoin Is on a Lateral Trend as It Oscillates above $70
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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