Litecoin (LTC) Displays Consolidation – Can We Expect A Reversal Soon?
2023年1月29日 - 01:57PM
NEWSBTC
The Litecoin price has shown considerable recovery ever since it
reached its bottom in December 2022. LTC secured almost 50%
appreciation in January this year. Currently, however, the altcoin
has witnessed a price pullback and is consolidating on its daily
chart. Over the last 24 hours, the Litecoin price moved down by
0.3%, which signified a range-bound movement. The altcoin also lost
close to 3% of its market value. The technical outlook of Litecoin
pointed towards bullish momentum as demand for the altcoin remained
high on the daily chart. Related Reading: Bitcoin Exchange Outflows
Reach Highest Value Since FTX Crash, Bullish? Accumulation also
reflected the same. Price noted a decline as LTC receded from the
overbought zone. Buyers still have the upper hand on the chart. A
continued fall in accumulation will cause bears to secure
Litecoin’s price action. That momentum would continue for the
upcoming week, causing LTC to fall below its nearest support level.
At the time of writing, LTC was trading 78% below its all-time high
set in 2021. Litecoin Price Analysis: One-Day Chart LTC was trading
at $88.11 at the time of writing. The coin has pierced through
several resistance lines over the past several weeks but has failed
to hold on to the momentum. LTC met with two rigid resistance
levels before it started to move south again. The two important
resistance lines for the coin stood at $90 and $92. Immediate
resistance stood at $90. If demand for the altcoin remains steady,
then LTC might attempt to breach the $90 price mark. On the
flipside, the nearest support line for the Litecoin price stood at
$86, and a continued price correction will force LTC to fall below
the $86 price mark and settle at $82. The amount of LTC traded in
the last session was red, indicating a fall in buyers. Technical
Analysis The altcoin has been hovering in the overbought region for
several weeks now, and at the moment there is a slight fall in
demand for Litecoin. The Relative Strength Index stood a little
below the 60-mark after it noted a recent downtick indicating that
demand was shrinking. A reading close to the 60-mark, however,
signifies that buyers outnumbered sellers. In accordance with that,
LTC price shot past the 20-Simple Moving Average (SMA) line as
buyers were driving the price momentum in the market. The coin was
also above the 50-SMA (yellow) and 200-SMA (green) lines,
indicating increased bullishness. Concerning the fall in buying
pressure, the LTC chart displayed a sell signal on the one-day
chart. The Moving Average Convergence Divergence (MACD), which
depicts market momentum, underwent a bearish crossover and formed
red signal bars tied to sell signals. Related Reading: What Is
Threshold (T) And Why Is This Lesser-Known Coin Swelling By 146%?
This could also imply that the price will fall in the coming
trading sessions. The Parabolic SAR, the indicator that reads the
trend and change in price momentum, was still positive. The dotted
lines were below the candlesticks, suggesting that the LTC price
was still positive. Featured Image From UnSplash, Charts From
TradingView.com
Litecoin (COIN:LTCUSD)
過去 株価チャート
から 11 2023 まで 12 2023
Litecoin (COIN:LTCUSD)
過去 株価チャート
から 12 2022 まで 12 2023