- Litecoin Trading Price Close TO the Bullish Reversal Level
- Possibility Of Support At $60 Resistance Level
Litecoin (LTC) trading price is drawing close to the bullish zone, the trading price which was almost at $100 level, backtracked and went back to the $50-60 zone. The turn of event for traders was unexpected, but there is still a prospect as all hopes are not lost.
The current price analysis for Litecoin shows the trading price needs some support to break out of the already forming bullish trend. This means that if some Litecoin can be gotten for midterm and support the trading price, it will be able to decrease the risk. Some analysts advice traders who want to buy LTC now to spend about 10% of their portfolio and retain it for 3 months.
Currently, the trading price has tested the 21 candle – Moving Average (MA), the trade levels are about $63 and $66, which are standing as a major resistance level that will prevent the price growth should incase it got to that level. The trading price can find support close to $40 level where the price can consolidate.
Possibility Of Support At $60 Resistance Level
Recently, Litecoin (LTC) lost its place among the top five cryptocurrencies, during Q1 and Q2, the trading performance of Litecoin was exceptional and Q3 signified a high selling pressure.
Regardless of the minor increases, the altcoin failed to rally. At the time of writing, the value of LTC was over $57.15, this was after an increase of over 1.13% in the past hour.
Litecoin (LTC) Price Today – LTC / USD
Name Price $160.06
Going by the price analysis, the short-time Litecoin price shows the formation of a corresponding price frequency form, which was formerly followed by a downtrend price movement. What seemed like a bear flag, spun to be a bull’s trend, as the Litecoin price fluctuates through an upward breakout. Going by the October 11th dip, the 100-day MA which was standing as resistance for the value, has now been penetrated. Also, the 50-day MA shows the possibility of an uptrend that might occur after the breakout, remaining beneath the 100-day MA.
The Litecoin (LTC) trading price charts show a bullish trend that has reached a significant resistance level at about $58.36 zone. Should the upward trend persist, the LTC trading price has the potential to reach its inner resistance at about $60 in the forthcoming term. While for the short-term trading price chart, the support level is at about $54.03. The next few trading sessions will review the next price action of LTC.