Litecoin (LTC) Price Analysis – September 12
Litecoin is among the top cryptocurrencies of the crypto market. The currency has reflected a noteworthy performance since its inception.
Resistance levels: $80, $85, $90
Support levels: $60, $55, $50
Last month, Litecoin was clearly reflecting a fall in the price. Starting from August 2, 2019, the price started slipping and dropped from $99.15 and later closed the month at $64.39. This on-going month started with recovery as Litecoin price moved from $64.39 to $70.93 by over 9.0%. Furthermore, LTC price slipped, but later recovered and started dealing at $68.76 as at the time of writing.
However, the coin moves within the ascending channel and could exceed the resistance levels of $80, $85 and $90 before the end of this month if the bulls make more effort. Similarly, the Litecoin price resumes low as the coin is about to cross down the moving average of 21-day with the nearest support levels at $60, $55 and $50 respectively. The trading volume is decreasing while RSI (14) is at the overbought zone, which indicates more drops when it turns down.
Comparing with Bitcoin, the support level in this range is built around 0.005BTC while the resistance is set at 0.007BTC because the market price has just reached the 21-day moving average. Technically, the price started a bullish movement on September 6, 2019, and the price moved from 0.006BTC to 0.007BTC but the market has been falling since yesterday to 0.006BTC where it’s trading currently.
Furthermore, the stochastic RSI indicator is at the overbought condition, indicating that sellers are at stake. But the bear could signal a downward movement in the long term for the market as soon as the price begins to fall. The price may swing to the nearest supports at 0.005BTC and below.
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