Litecoin moves between the parallel price range of $64 and $41 with a market value of $53. The LTC’s candlesticks formed on the short-term timeframe chart during the past few days show the price of Litecoin closes below the up-trend line. Though the crypto got tested various times at the trend line but failed to close above it, the LTC token showed a sideways move.
Volumes are below average, showing that both bears and bulls are involved in major price movements, and there is a huge need for additional traders for durable price action. Will there be a favorable price movement? Read our LTC price prediction to know!
Litecoin has been moving in a sideways channel for the past few days, which shows that once the LTC token closes above the resistance point of $64 and forms higher highs, a strong uptrend pattern is predicted for the long duration.
Reversely, if the price of Litecoin closes below the support line of $41 and candles form lower lows, a robust downtrend pattern will be waiting. However, Litecoin moving with remote price movement like other virtual currencies shows neutrality not just in the token but the entire market. The MACD indicator has consistently been below the signal line for the past few days but is now trying for a bullish crossover. The LTC token had already declined hugely since the MACD gave a bearish indication. The RSI indicator is at 45 and shows neutrality.
The previous week’s candles showed a decent price movement as the price was moving below the trend line, and both bulls and bears were pushing the price in their respective directions. However, a Dogi Litecoin’s candlestick was formed during the previous week forming indecision in the crypto world.
The present bullish candlesticks indicate that the bulls tried to move the value upside, but Litecoin crypto couldn’t close above the trend line, and the price is moving at its lows. If the LTC value continues to move in the same direction, it may reach its support of $41 shortly, from where the price may decline further, or a turnaround can be anticipated.
