Litecoin Price Rebounds, will it Sustain or is it Temporary?

Fibo Quantum

  • Litecoin has recently started to recover its price, still under selling pressure
  • The coin seems to have a support level near $62, traces a bullish trendline there
  • SMA lines have just formed a bullish crossover, may soon cross $65 if uptrend sustains

Litecoin price has recently started an upward price movement against the U.S dollar and is anticipated to trade above $66 soon if it maintains the uptrend. Bitcoin price is also taking a surge but is still well below $10,000.

Litecoin had started its day with its price at $66.66 yesterday. The coin saw a constant price decline including a sharp fall below $63. The coin rebounded slightly to $64.72 with an increase of 2.88%. The LTC resumed the price drop after that and closed the day at $64.10. Extending the bearish impact, the coin stopped the downward move at $62.21 and is correcting up from there.

At 09:29:35 UTC, LTC price is trading at $64.01 with a decline of 3.97% over the last 24 hours.

LTC/USD

Litecoin Price Chart
Litecoin Price Chart

Litecoin’s current price is 9.60% down as compared to its 10-day SMA of $70.81 and is 25.54% below the 50-day SMA of $85.97. However, the coin just had a bullish crossover of its SMA lines. Notably, the coin is carrying a selling pressure.

Litecoin Technical Indicators:

MACD chart of LTC is in the bullish zone with its MACD line above the signal line. RSI for the coin points out to the overbought momentum. Litecoin price may face resistance at $66.48, $68.85 and $70.28, and support level at $62.68, $61.25 and $58.88.