Litecoin Price Momentum: Will It Sustain Above The $63 Mark?

Christian Encila

1 year ago

3 mins read

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Litecoin (LTC) has found itself in a tight consolidation phase, firmly locked within the $60 to $70 range since mid-August. Despite several attempts to break above the $70 resistance level, bulls seem to be running low on aggressiveness.

As of the latest data from CoinGecko, LTC is trading at $62.99, reflecting a 1.8% decline over the past 24 hours and a seven-day slump of 3.1%.

In recent weeks, LTC bulls have diligently defended the August 2022 range-high of $63, preventing a drop below this crucial support level. However, their efforts to push the price beyond $70 have proved futile.

Litecoin Bulls Defend Key Levels But Face Technical Challenges

A closer look at the technical indicators reveals that the H12 bearish order book and the 50-day Exponential Moving Average (EMA) are posing significant challenges for the bulls.

Analysts believe that Litecoin could continue its consolidation above the $63 range-high in the coming hours or days. Still, the prevailing bearish pressure could hinder any substantial upward movement in the near term.

LTC’s Struggle Amid Growing On-Chain Activity

Surprisingly, despite Litecoin’s price consolidation, its on-chain data has shown increased activity in its ecosystem. According to a separate report, over the past four months, the share of Litecoin in global cryptocurrency payments has surged by an impressive 21%.

This suggests that despite the stagnant price, Litecoin remains a popular choice for transactions.

Litecoin market cap currently at $4.6 billion. Chart: TradingView.com

Sell Limit Orders And Bearish Sentiments

To complicate matters further for LTC, order flow tracking platform Mobchart cited in an analysis significant sell limit orders at $66 (3.11k LTC) and $70 (3.26k LTC) on Binance Exchange’s spot market.

These levels are strategically positioned between the H4 50-EMA and the H12 bearish order book, effectively forming a formidable barrier for Litecoin’s price to overcome. This adds to the growing challenges faced by LTC bulls in their quest to push the price higher.

LTC seven-day price movement. Source: CoinMarketCap

Moreover, sentiment around Litecoin has been increasingly bearish in recent times, as indicated by a separate report revealing that LTC bears have strengthened by 19% in the past week. This surge in bearish sentiment has likely contributed to the current downward pressure on LTC’s price.

Litecoin (LTC) remains trapped within the $60 to $70 range, with technical indicators and significant sell orders acting as obstacles to any substantial price movement.

Despite on-chain activity showing promise, growing bearish sentiments continue to weigh on LTC’s price, making it a challenging period for Litecoin investors and enthusiasts.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from CMC Markets

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.