Litecoin

Waves

The post <a rel="noopener noreferrer nofollow" href="https://coinpedia.org/price-analysis/ltc-price-analysis-bearish-waves-warns-litecoin-under-60/">LTC Price Analysis: Bearish Waves Warns Litecoin Under $60?</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a>
The continuous downtrend for Litecoin and multiple altcoins in 2023 projects a strong resistance trendline. Leading to a streak of lower highs, the LTC price finally forms a solid footing close to $60, teasing a bounce back to reclaim trend control.
Therefore, despite the strong resistance trendline, the <a href="https://coinpedia.org/price-prediction/ltc-litecoin-price-prediction/" rel="noopener noreferrer nofollow">LTC price prediction</a> holds a bullish torch in the coming months.&nbsp;
<figure class="wp-block-image size-large"><img decoding="async" width="1024" height="478" src="https://image.coinpedia.org/wp-content/uploads/2023/10/19145801/LTCUSD_2023-10-19_14-06-59-1024x478.png" alt="" class="wp-image-238085" srcset="https://image.coinpedia.org/wp-content/uploads/2023/10/19145801/LTCUSD_2023-10-19_14-06-59-1024x478.png 1024w, https://image.coinpedia.org/wp-content/uploads/2023/10/19145801/LTCUSD_2023-10-19_14-06-59-300x140.png 300w, https://image.coinpedia.org/wp-content/uploads/2023/10/19145801/LTCUSD_2023-10-19_14-06-59-768x359.png 768w, https://image.coinpedia.org/wp-content/uploads/2023/10/19145801/LTCUSD_2023-10-19_14-06-59-1536x718.png 1536w, https://image.coinpedia.org/wp-content/uploads/2023/10/19145801/LTCUSD_2023-10-19_14-06-59-150x70.png 150w, https://image.coinpedia.org/wp-content/uploads/2023/10/19145801/LTCUSD_2023-10-19_14-06-59.png 1952w" sizes="(max-width: 1024px) 100vw, 1024px">
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Taking a sideways stroll between the crucial levels of $60 and $72, the LTC price action reflects strong bearish pressure. Furthermore, the declining trend of the 50-day EMA rejects multiple breakout possibilities, leading to further delay.&nbsp;
With multiple failed attempts to rise and sustain above $72, the lower high formation finally starts within the sideways stroll. The recent long-wick candle taking rejection from the 50-day EMA marks a new negative cycle.&nbsp;
The LTC price is currently trading at $60.77 with an intraday growth of 0.91%, following the 4% drop over two days. As the buyers struggle to remain dominant over the $60 support zone, the chances of a reversal are pretty slim for Litecoin.&nbsp;
Technical indicators:
RSI indicator: The daily RSI line continues to trend sideways with no signs of divergence as it moves under the 14-day SMA.&nbsp;
EMA: The 50-day EMA acts as a dynamic resistance, keeping the bullish growth in check.
<h2 class="wp-block-heading" id="h-will-ltc-price-sustain-above-60">Will LTC Price Sustain Above $60?</h2>
If the Litecoin price fails to exceed the 50-day EMA, it will bring a new buying opportunity for sideline traders. Additionally, a breakout above the 50-day EMA will open up the possibility of a move to $70 before targeting $100.
If the downward trend continues, the price will break through the $60 level and test the bullish dominance at the $50 support level.

LTC Price Analysis: Bearish Waves Warns Litecoin Under $60?

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