Litecoin Price Analysis: LTC Spotted at Red Zone of Selling, Bulls Eye on Breakout

• Litecoin is fluctuating in a narrow horizontal range on the daily price scale.
• Buyers successfully reclaimed LTC price above the 20-day EMA on the daily time frame.
• The on-balance volume indicator started moving higher on the daily price scale.

Litecoin coin is under selling pressure after reversing from its yearly lows. The price action is forming a high-low formation and a low-high formation in the context of the daily price scale. At the same time, Litecoin is trading with a slight upward momentum at the $57.4 mark against USDT, at the time of writing.

In the lower time frame, the LTC coin is watching in a narrow horizontal range between the $51 and $58 support and resistance. The altcoin has spent more than 12 days in this sideways due to the fight between the bulls and the bears.

Source: LTC/USDT by Tradingview 

It looks like the bulls will break this narrow horizontal range in the next trading session as the altcoin price settled just below the $58-resistance. Meanwhile, bitcoin’s market cap has risen 2.7% over the past 24 hours, pushing it above $4 billion according to the CMC. Moreover, the LTC/BTC pair price is showing a rise of 2.2% at 0.002859 Satoshis.

Despite the range-bound market, the trading volume bar remains above the moving average, indicating hidden accumulation. Thus it recorded $545 million in the last 24 hours. Similarly, the on-balance volume indicator started moving higher on the daily price scale.

Finally RSI Noted it’s Peak Above 50-mark 

Source: LTC/USDT by Tradingview 

Daily RSI indicator finally noted 15 days high above the halfway mark (50-mark). As well as, MACD moving lines overlapping in intraday trading sessions and going to reflect the bullish crossover on daily price scale. 

Conclusion 

Litecoin is trading in a range-bound market because of the Bitcoin pullback. As the Market leader-Bitcoin hovers at $20K. But the LTC price trades just below the resistance level of the horizontal range, so bulls may break this range soon.

Support level – $50 and $40

Resistance level – $58 and $65

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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