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Sanjay Shukla
Nov 17, 2022
by Sanjay Shukla

LTC Technical Analysis: Bulls Fails to Push Litecoin Above $75

LTC Technical Analysis
LTC technical analysis shows that despite a moderate bullish trend, Litecoin struggles to break above the $75 resistance, while consolidation around $64 indicates the possibility of another bullish breakout. 

While most of the markets witnessed a drastic drop in their prices, Litecoin (LTC) kept its position intact for the last few weeks. Although LTC witnessed a drop of 2.68% in the last 24 hours, it grew by 6.06% over the last 7 days. For the past two weeks, LTC has been hovering between $46 and $63 unable to break the $75 resistance. Since November 9, LTC is revolving above the support level of $46. Though LTC kept rising over the last week, it still felt moderate selling pressure as prices struggled to stay above $60, indicating active bears at higher levels. The daily chart shows LTC has been trading in a tight range between $56.84 and $58.42.

Key Points

  • LTC price actions display a moderate bullish trend in the market 

  • The trendline making ascending triangles indicates the possibility of a bullish breakout

  • The intraday trading volume in LTC is $598.9 billion 

    • TradingView ChartSource: Tradingview

    LTC Technical Analysis

    The LTC price actions maintain moderate bullishness as prices revolve between $56 and $58. The daily chart shows a balance between demand and supply as LTC did not show aggressive momentum in any direction. Even after consolidating for weeks, the prices struggle to break above the $75 resistance, while the support level remains at $46. The 12.75% rise in the 24-hour trading volume of LTC indicates that traders are actively waiting to book profits when the prices display a bullish breakout or make an entry when there is a strong bullish trend. 

    Technical Indicators

    RSI moving along the midpoint displays a balance between supply and demand. However, the bearish divergence indicates short-term selling pressure. Choppy MACD and signal lines on a bullish histogram still signal a slowdown of bullish momentum. 

    LTC technical indicators show the mid-term bullish trend in the market with a temporary downswing due to selling pressure which may follow a bullish breakout. 

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    LTC Technical Analysis: Bulls Fails to Push Litecoin Above $75
    Sanjay Shukla
    Sanjay Shukla is a Content Writer with Cryptoknowmics, India's biggest media platform in crypto. He has more than 8 years of experience in the Business and Finance domains. Sanjay writes excellent content on cryptocurrencies, trading, Bitcoin, and the share market, to help the readers have deep insight into the topic.

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