fxs_header_sponsor_anchor

Litecoin Price Prediction: LTC impending breakdown could wreak havoc to $65 – Confluence Detector

  • Litecoin could spiral to the primary support at $65 if the short-term anchor at the 100 SMA is lost.
  • The confluence detector shows that Litecoin’s upside is immensely barricaded due to the seller congestion at $83.3.

Litecoin is trading between a crucial resistance and support. The 50 Simple Moving Average limits the coin’s upside on the 4-hour chart. On the downside, the 100 SMA is attempting to offer support. A breakdown is likely to come into the picture, especially if immediate support caves.

Litecoin downtrend likely to resume towards $65

LTC/USD is trading at $82.7 at the time of writing. Losses are expected to engulf the crypto mostly if the price closes the day under the 100 SMA. Buyer congestion at $80 and $75 will absorb some of the selling pressure, but the primary support holds the ground at $65.

The bearish outlook seems to have been validated by the Relative Strength Index. The RSI continues to form a bearish divergence from the price, signaling that buying volume is reducing while sellers seek to regain control over the price.

LTC/USD 4-hour chart

The confluence detector tool reveals that room for growth from the current price level is limited. Immense seller congestion at $83.3 is likely to keep delaying recovery. The zone is home to the 5 SMA 4-hour, the 1-hour previous high and 10 SMA 4-hour.

LTC/USD confluence levels

On the downside, the immediate support at $82.4 does not seem strong enough to hold Litecoin for long. Converging here are the 15-minutes previous low, one-hour previous low, and the 4-hour previous low. Slightly more vital support is observed at $81.9 and $82.2. The one-day Bollinger Band middle boundary and the one-day previous low meet here.

On the other hand, the bearish outlook will be sabotaged if LTC climbed above the resistance at $83.3. Moreover, price action above $85 would call for more buy orders, which might create enough volume for gains toward $100.

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.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.