Litecoin (LTC) Price Analysis – June 29
On the impact of Bitcoin, Litecoin (LTC) also began to gain value in the last 24 hours but still remains 17% down over the week.
Supply levels: $165, $170, $175
Demand levels: $80, $75, $60
The fourth most-traded cryptocurrency, Litecoin, is making tentative attempts so far this Saturday, after having witnessed aggressive sales today as part of a massive sale in the market. The coin stalled its correction post-Thursday’s slump and fell as low as $109.64 before recovering to $127.84 levels, where it now wavers.
Moreover, the Litecoin price moves within the ascending channel of Bollinger bands indicator and trade above the 55-day MA. The coin may soon break the $140 mark and approach the supply levels of $165, $170 and $175. The demand levels to see are $80, $85 and $70 because the MACD indicator is at the bearish zone.
Because of the movement of Bitcoin, comparing LTC with BTC has made the Litecoin price to fall significantly for since June 12 up till yesterday June 28. The bulls started gaining strength as the market begins the upward movement today. The price moves from the lower limit of the Bollinger band and faces north towards the supply levels of 0.018BTC and above.
Furthermore, should in case the Litecoin price falls below the demand level of 0.00603BTC, it could literarily lower the price to 0.0040BTC and below. Meanwhile, with the current trend, bears are very dominant because the new low may be created as the stochastic RSI is swimming in the oversold territory.
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