Litecoin Price Analysis: LTC bulls battle eight-month-old resistance line
|- LTC/USD eases from the highest since late-February, keeps the 70.00 threshold.
- Overbought RSI, failures to cross the key resistance line lure high-risk sellers.
LTC/USD steps back from the multi-day high to 76.67 as buyers catch a breather by Monday’s end. Even so, the quote marks over 13.00% gains while stepping back from an upward sloping trend line from March 07, 2020.
Not only the failures to cross the key resistance line but overbought RSI conditions also push brakes on the crypto major’s further buying. Though, the quote stays above the 70.00 round-figure, which in turn serves as a trigger for the fresh short-term selling.
Should LTC/USD bears manage to keep the reins below the 70.00 threshold, Friday’s peak near 66.65 and the early-November high around 64.75 can entertain them ahead of highlighting a two-week-old support line, currently near 60.70.
On the contrary, a clear run-up past-71.85 level, comprising the stated resistance line, will escalate the trading momentum towards the 80.00 psychological magnet.
Though, February 23 peak and the yearly top, respectively around 80.50 and 84.40, can please the LTC/USD optimists afterward.
LTC/USD daily chart
Trend: Pullback expected
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.