Litecoin (LTC) Price Analysis – October 10
Litecoin price has been confined to a narrow range since the end of September up till two days ago. The coin is likely to resume the downtrend.
Resistance levels: $67, $70, $73
Support levels: $47, $44, $41
Litecoin price has been moving in a narrow range and the coin is unable to realize the potential of a strong bull run on the cryptocurrency market; the 6th largest digital asset with the current market value of $3.66 billion has lost 2.50% since the beginning of the day. At the time of writing, LTC/USD is changing hands at $57.61. Litecoin’s daily trading volume dropped to $2.4 billion.
Looking technically, LTC/USD is attempting to break from the recent range. The upper line of the channel is located above $58 and strengthened by the middle line of a Bollinger Band on a daily chart. If the coin stays above this barrier, the upside may be extended towards the next important hurdle at $60. More so, once it is out of the way, $63 will come into play.
This resistance is created by the long-term sloping trend line from September 19 high at $77.87 and the next resistance comes at $67, $70 and $73 levels on a daily chart. On the downside, keep an eye at $50.44 (September 26 low) followed by the lower boundary of the above-said channel at $47. A strong move below this barrier will increase the downside pressure with the next focus on $43 and psychological $41 as the stochastic RSI is at the overbought zone.
When compared with BTC, LTC price is back in the red, however, this is after an impressive upward move a few days ago. Litecoin, for instance, pushed against all odds to step above the critical resistance level at 0.0070 BTC where the weekly high was formed and lack of energy to sustain higher growth culminated in an on-going retreat.
Moreover, for the price to continue to drop the 0.0065 BTC support is likely to surface and if this could not hold it, the price may further drop to 0.0062 BTC and 0.0060 BTC support levels. The RSI (14) moves towards level 40 but a reversal could push the price to 0.0075 BTC resistance levels.
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