Litecoin (LTC), at the time of penning down this analysis, was trading slightly below $60 at $59 after breaching a 6-month long resistance at $69.27. With the recent 6-month high in the ongoing month, LTC faces a stringent resistance at $70. However, with the dip below $60, the coin is now trading with an intraday bearish crossover.
After having traded laterally in the past four months after the major market crash and testing supports around $24, Litecoin price has now grown over 180% to spike close to $70. Although, it was just at the onset of the year when LTC/USD crossed above $80 at $84 before the Pandemic was declared. LTC is one of the top 10 cryptos of the market and is often believed to be the major altcoin investment option for the long-term after Ethereum.
Litecoin appears declining after breaching a 6-month high at $69 but is also facing a stringent resistance at $70. With a bearish intraday momentum, LTC is now trading at $59, slightly above 50.0% Fib level. Even though the coin is drawing a bearish intraday crossover in the intraday, it still holding support from MA50 & MA200 at $51 & $49.
The price trend of Litecoin after breaching the upper 20-day Bollinger Band on the 24-hour chart has now slid below to trade within the range. The MACD chart is now exhibiting a slight bearish crossover as the signal line crosses above the MACD line and the RSI holds no major extremities due to no steep movements and lies at 53.77. According to Litecoin price prediction, the currency might face downside correction upto $54 mark in the upcoming days.
