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Litecoin Price Momentum: Will It Sustain Above The $63 Mark?

By Orbit Brain

Litecoin Price Momentum: Will It Sustain Above The $63 Mark?

Litecoin Price Momentum: Will It Sustain Above The $63 Mark?

Litecoin (LTC) has discovered itself in a decent consolidation section, firmly locked throughout the $60 to $70 vary since mid-August. Regardless of a number of makes an attempt to interrupt above the $70 resistance degree, bulls appear to be operating low on aggressiveness.

As of the most recent information from CoinGecko, LTC is buying and selling at $62.99, reflecting a 1.8% decline over the previous 24 hours and a seven-day stoop of three.1%.

In current weeks, LTC bulls have diligently defended the August 2022 range-high of $63, stopping a drop under this significant assist degree. Nevertheless, their efforts to push the worth past $70 have proved futile. 

Litecoin Bulls Defend Key Ranges However Face Technical Challenges

A more in-depth have a look at the technical indicators reveals that the H12 bearish order guide and the 50-day Exponential Transferring Common (EMA) are posing important challenges for the bulls.

Analysts consider that Litecoin might proceed its consolidation above the $63 range-high within the coming hours or days. Nonetheless, the prevailing bearish stress might hinder any substantial upward motion within the close to time period.

LTC’s Battle Amid Rising On-Chain Exercise

Surprisingly, regardless of Litecoin’s worth consolidation, its on-chain information has proven elevated exercise in its ecosystem. In keeping with a separate report, over the previous 4 months, the share of Litecoin in international cryptocurrency funds has surged by a formidable 21%. 

This implies that regardless of the stagnant worth, Litecoin stays a well-liked alternative for transactions.

Litecoin market cap presently at $4.6 billion. Chart: TradingView.com

Promote Restrict Orders And Bearish Sentiments

To complicate issues additional for LTC, order movement monitoring platform Mobchart cited in an evaluation important promote restrict orders at $66 (3.11okay LTC) and $70 (3.26okay LTC) on Binance Trade’s spot market. 

These ranges are strategically positioned between the H4 50-EMA and the H12 bearish order guide, successfully forming a formidable barrier for Litecoin’s worth to beat. This provides to the rising challenges confronted by LTC bulls of their quest to push the worth greater.

LTC seven-day worth motion. Supply: CoinMarketCap

Furthermore, sentiment round Litecoin has been more and more bearish in current occasions, as indicated by a separate report revealing that LTC bears have strengthened by 19% up to now week. This surge in bearish sentiment has seemingly contributed to the present downward stress on LTC’s worth.

Litecoin (LTC) stays trapped throughout the $60 to $70 vary, with technical indicators and important promote orders performing as obstacles to any substantial worth motion.

Regardless of on-chain exercise exhibiting promise, rising bearish sentiments proceed to weigh on LTC’s worth, making it a difficult interval for Litecoin buyers and fanatics.

(This website’s content material shouldn’t be construed as funding recommendation. Investing entails danger. While you make investments, your capital is topic to danger).

Featured picture from CMC Markets

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