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Saturday, January 28, 2023
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    HomeMarketLitecoin Price Bleeds, Why The Bulls Could Stay On Sidelines

    Litecoin Price Bleeds, Why The Bulls Could Stay On Sidelines

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    Litecoin worth began a recent decline from the $80 resistance in opposition to the US Greenback. LTC is struggling and stays at a threat of extra losses in direction of the $55 help.

    • Litecoin began a recent decline from the $85 resistance in opposition to the US Greenback.
    • The worth is now buying and selling beneath $70 and the 100 easy transferring common (4-hours).
    • There was a break beneath a key contracting triangle with help close to $75.00 on the 4-hours chart of the LTC/USD pair (information feed from Kraken).
    • The worth might proceed to maneuver down in direction of $55 within the close to time period.

    Litecoin Worth Turns Pink

    This previous month, litecoin worth noticed a robust enhance above the $70 stage in opposition to the US Greenback. LTC worth was in a position to clear the $80 resistance stage, outperforming each bitcoin and ethereum.

    Nonetheless, the bears remained energetic close to the $85 zone. There was a topping sample shaped close to the $85 stage earlier than the value began a recent decline. There was a transparent transfer beneath the $80 and $78 help ranges. In addition to, there was a break beneath a key contracting triangle with help close to $75.00 on the 4-hours chart of the LTC/USD pair.

    Litecoin worth is now buying and selling beneath $70 and the 100 easy transferring common (4-hours). A low is shaped close to $61.67 and the value is now consolidating losses.

    On the upside, a right away resistance is close to the $66.00 stage. It’s close to 23.6% Fib retracement stage of the current decline from the $79.80 swing excessive to $61.67 low. The primary main resistance is close to the $70.00 stage.

    Litecoin Price

    Supply: LTCUSD on TradingView.com

    The 50% Fib retracement stage of the current decline from the $79.80 swing excessive to $61.67 low can also be close to $70. If there’s a clear break above the $70 resistance, the value might begin a robust enhance. Within the said case, the value is more likely to proceed increased in direction of the $75 and $78 ranges. Any extra positive factors would possibly ship ltc worth in direction of the $80 resistance zone.

    Extra Losses in LTC?

    If Litecoin worth fails to clear the $70.00 resistance stage, there may very well be extra losses. An preliminary help on the draw back is close to the $61.60 stage.

    The primary main help is forming close to the $60.00 stage. Any additional losses might maybe ship the value in direction of the $55.00 help within the coming periods.

    Technical indicators:

    4-hours MACD – The MACD is slowly gaining tempo within the bearish zone.

    4-hours RSI (Relative Power Index) – The RSI for LTC/USD is beneath the 50 stage.

    Main Assist Ranges – $60.00 adopted by $55.00.

    Main Resistance Ranges – $70.00 and $75.00.



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