Litecoin Reaches Its Dip as It Recovers Above $60

Key Highlights

Litecoin has reached the oversold region
The altcoin has reached bearish exhaustion

Litecoin (LTC) Current Statistics

The current price: $65.73
Market Capitalization: $5,510,678,331
Trading Volume: $240,881,179
Major supply zones: $100, $120, $140
Major demand zones: $80, $60, $40

Litecoin (LTC) Price Analysis September 03, 2024

Litecoin (LTC) is now at the bottom of the chart after the August 5 price slump as it recovers above $60. On August 5, the market hit a low of $49 before recovering above the $60 support. According to the price indicator, the market has entered the oversold territory. The altcoin is predicted to decline and reverse at the 1.272 Fibonacci extension, or $60.

Currently, the bulls have stopped the drop above the $60 support. Litecoin is currently trading above the $60 support but below the moving average lines, which represent resistance at $75. Litecoin’s bullish trend will resume once the price breaks above the moving average lines and the $75 barrier level. Meanwhile, Litecoin is currently worth $65.73.

Litecoin (LTC) Technical Indicators Reading

The price bars are below the horizontal moving average lines. On the daily chart, price bars are distinguished by Doji candlesticks that delay price movement. The moving average lines are showing a bearish crossover, with the 21-day SMA crossing below the 50-day SMA. Meanwhile, the bearish signal has subsided as the altcoin found support above the $49 support.

What Is the Next Move for Litecoin

Litecoin has been trading in a range since the August 5 price dip as it recovers above $60. Litecoin is currently trading in a range of $55 to $75. The price bars are distinguished by Doji candlesticks, which cause the price to remain static. The crypto signal is range-bound, with the altcoin consolidating above the $60 support.

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