Key Highlights
LTC/USD rebounds but faces rejection at
Litecoin resumes a sideways trend
Litecoin (LTC) Current Statistics
The current price: $70.98
Market Capitalization: $5,963,202,711
Trading Volume: $250,261,242
Major supply zones: $80, $100, $120
Major demand zones: $60, $40, $20
Litecoin (LTC) Price Analysis February 12, 2024
Litecoin (LTC) prices rise as it resumes its range-bound trajectory above $70. Since the January 23 price decline, the altcoin has been trading in a bearish trend zone. Today, the altcoin resumed positive momentum, breaking above the moving average lines.
LTC price rose to a high of $73 before pulling back, leaving a long candlestick wick. The lengthy candlestick’s wick signals significant selling pressure at the higher price point. Currently, it is retracing towards the moving average lines.
The cryptocurrency’s range-bound trajectory will start if it retraces and maintains above the $70 support level. In recent price action, the market fluctuated between $70 and $76. As of the time of writing, Litecoin has dropped to a low of $70.99.
Litecoin (LTC) Technical Indicators Reading
Following the February 8 price rebound, the price bars have risen above the moving average lines. The altcoin has been advancing above the moving average lines, but the gains have been short-lived due to heavy selling pressure at the recent high.
Conclusion
Litecoin has returned to its former pricing range as it resumes its range-bound trajectory above $70. The current bullish trend came to an end at the $73 high. Nonetheless, the upward movement has been hampered by resistance at $72.
On the downside, the crypto signal will be negative as the altcoin experiences additional rejection.
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