Litecoin Maintains Its Horizontal Trend and Stalls above $64

Azeez Mustapha


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Key Highlights
LTC holds above the $64.50 support
Litecoin continues its range-bound move

Litecoin (LTC) Current Statistics
The current price: $67.62
Market Capitalization: $5,680,381,332
Trading Volume: $202,512,726
Major supply zones: $80, $100, $120
Major demand zones: $60, $40, $20

Litecoin (LTC) Price Analysis February 6, 2024
Litecoin’s (LTC) price is falling below the moving average lines while remaining above the $64 support level. The altcoin’s price ranges between $60 and $70. Litecoin currently trades in the middle of the price range.

The crypto’s price movement has been limited by moving average lines and the resistance near $70. The altcoin is trading below the 21-day SMA in expectation of a positive trend. On the downside, the price drop has stalled above the $64.50 support.

Buyers are defending their existing support. The extended candlestick tails signal significant purchasing at cheaper prices. Litecoin is currently worth $67.

Litecoin Maintains Its Horizontal Trend and Stalls above $64
LTC/USD – Daily Chart

Litecoin (LTC) Technical Indicators Reading
Following the January 23 price drop, the price bars have remained below the moving average lines. LTC price bars are bouncing below the moving average lines as the altcoin reverts to Doji candles. The altcoin risks declining as price bars are rejected at the moving average lines.

On the 4-hour chart, Litecoin is moving sideways and has limited its price range to $64-$69. The price action is dominated by Doji candlesticks, which have caused price stagnation. Since the price decline on August 17, 2023, crypto signals have been range-bound due to the horizontal trend.

Litecoin Maintains Its Horizontal Trend and Stalls above $64
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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