- Market bull-run didn’t stop LTC from dropping by 0.40%.
- Sequence candlesticks have been triggered.
- Litecoin’s next major support is at $62.50.
Litecoin News Today – It is no secret that since the new year began, altcoins such as Litecoin, and Ethereum, along with many others have enjoyed good times. These tokens have been tearing up in price and have gone on massive rallies. However, these rallies have in turn triggered several candlesticks that a renowned market expert believes will cause a reversal and selloff.
The Litecoin Price Dropped by 0.40% Despite Managing to Keep Pace with the Market
The Litecoin price dropped by 0.40% despite the digital asset managing to maintain its pace with the remainder of the digital currency market until it turned volatile. Taking a close look at LTC/USD chart you will see that the pair dropped days ago. The price of LTC came against its first major resistance point at $72 before dropping into a low of $68 later on. The Litecoin price dropped once more soon and wasn’t able to reach $70 which is a resistance area.
Litecoin (LTC) Price Today – LTC / USD
While moving far from its initial support point at $67.20, the price of the digital asset got to $7 later on before jumping into the red zone. At press time Litecoin’s price had risen by 0.29%. The coin’s price saw a mixed start on February 4 as it reached an early high of $70.46 before dropping to $69.46 which is low. The price of Litecoin shifted from the important support and resistance areas it posted early in the day. The price of LTC has been volatile.
Fresh Break will take Litecoin’s next Major Resistance to $74.93
If there is another market breakout, the next Litecoin major resistance position will be at $74.93. Additionally, if LTC’s price does not break above the $70.25 region, we can expect to see the value of the digital asset entering the reverse pattern once more. Should there be a fall back to this morning’s low of $69.46, then Litecoin’s first major support point will come to take effect.
Looking at the hourly chart of the LTC/USD pair we can see the red lines. These red lines represent a failed swing on the RSI. It happens when the coin’s price makes a move low but higher low and the indicator makes a lower low.
The next major support position for Litecoin is at the $62.50 area. While the coin’s next resistance is at $73.33 which the bulls are eyeing. Looking at the bullish side of things, the price of Litecoin is still above its major trendline as well as the 200 4-hour simple moving average.