Litecoin Price Drops Below $70 as LTC Remains Inside a Channel Pattern

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  • Litecoin (LTC) is showing a bullish sign as price shapes in a channel pattern, although the market still looks bearish on the daily chart.
  • The LTC/USD pair appeared to be creating a new circle in favor of the bulls; following the past days of the price increase.

Over the past three days now, Litecoin’s price has been trading above the $68 and has brought a 20% price gain since August 29. LTC broke out from the symmetric triangle on the weekly time frame and trading conveniently above the $60 on the daily time frame.

Despite the recent drop in Bitcoin’s price, Litecoin has shown a sign of strength with positive momentum, causing the LTC/USD pair to continue its bullish swing for the past 12 days. The bullish trend might be a good signal for a favorable price change amongst other best-performing cryptocurrencies in the future. Currently, the 5th largest cryptocurrency is down by 2.22%.

Litecoin’s Current Statistics

Trading Price: $69.5

Market Capitalization: $4,394,398,807

Trading Volume: $2,670,335,520

Key resistance levels: $72, $74, $76

Key support levels: $68, $66, $62

Litecoin Price Prediction for September 10, 2019

On the hourly time frame, Litecoin is on the upside forming higher highs and higher lows pattern after the August 29 rebound at $62. LTC is currently facing resistance at $72 after several attempts to break above the channel’s upper boundary. With volume accumulating in the 4-hour time frame, the price of Litecoin is likely to break the $72 resistance zone to meet the $74 and $76 resistance level.

Should the LTC/USD pair continues to sell, the market may find its way to the $68 zone which appears to be the closest support level for LTC. However, a further drop could allow the cryptocurrency to test $66 support level, where the channel’s lower boundary is drawn. A short-term bearish move may cause the LTC price to test the $62, August 29 low once more.

Conclusively

Litecoin is showing a positive sign for an upward movement in the mid-term, which may further if we can see a successful break above the $72 resistance. If the breakout fails, the price of LTC is most likely to continue trading inside the channel pattern, as shown on the hourly chart.

Technical Indicator Reading

The RSI for Litecoin is still showing a bearish sign after dropping below the 50 level following a brek-down at the $70 price level.

The Stochastic RSI has shown a bearish step back in the market as price may retest the $70 if bullish crossover signals.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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