Litecoin’s Slide Eases As It Finds Support Above $60

Azeez Mustapha


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Key Highlights
LTC price finds support above the $60 low
Litecoin plunges to $56 low

Litecoin (LTC) Current Statistics
The current price: $65.87
Market Capitalization: $5,533,200,242
Trading Volume: $428,142,673
Major supply zones: $80, $100, $120
Major demand zones: $60, $40, $20

Litecoin (LTC) Price Analysis January 5, 2024
Litecoin (LTC) slips below the moving average lines as it finds support above $60. Three unsuccessful efforts by purchasers to maintain the price above the moving average lines resulted in the current decline. The breakdown occurred on January 2 as Litecoin encountered strong resistance at $76, which was the overhead resistance.

Although Litecoin dropped to a low of $56.35, investors purchased the dips. The $60 support level was crossed by the upward correction of the coin. Litecoin’s current value as of this writing is $64.90. The cryptocurrency will be forced into a range-bound downward trend if the current support level at $60 holds.

The market will move below the moving average lines or trade between $60 and $70.

Litecoin's Slide Eases As It Finds Support above $60
LTC/USD – Daily Chart

Litecoin (LTC) Technical Indicators Reading
Following the latest breakdown, the price bars are below the moving average lines. The prolonged tail of the candlestick indicates strong buying at lower price points. The moving average lines that slope horizontally indicate the sideways trend.

There is less selling pressure on the price of Litecoin as it finds support above $60. The price range of $60 to $70 is where the cryptocurrency asset is now trading. There is some early resistance to the rising trend at the crest of $66.50.

The coin is anticipated to rise to a high of $70, but the 21-day SMA will provide resistance.

Litecoin's Slide Eases As It Finds Support above $60
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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