Litecoin Resumes Its Range-Bound TrajectoryAbove $70

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.

You can purchase crypto coins here: Buy LBLOCK

NOTE: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results