fxs_header_sponsor_anchor

What Litecoin price will need to do to prevent the upcoming sell-off

  • Litecoin price is down 5% since the beginning of October.
  • The bears show several bearish cues hinting at their control of the trend.
  • Invalidation of the bearish thesis is a breach above $53.50.

Litecoin price shows multiple reasons to believe in a further downtrend. Key levels have been defined. 

Litecoin price points south

Litecoin price is down 5% on the month as the bulls are trying to maintain their position above the $0.50 barrier. A bearish death cross of the 8-day exponential and 21-day simple moving averages has been spotted in the last 24 hours, which spells a troublesome trajectory for Litecoin in the coming days.

Litecoin price currently auctions at $52.17. The largest candlestick within the current trading range belongs to the bears. The Volume Profile Indicator lacks evidence to believe that a strong retaliation from the bulls will occur. If market conditions persist, a sweep-the-lows event targeting the $48 liquidity level established in July is a potential bearish target.

LTC/USDT 1-Day Chart

A spike through the overlapping moving averages at $53.50 could invalidate the bearish outlook. The September highs at $64 could be challenged if the bulls break through the barrier once more. The said price action would result in a 25% increase from the current Litecoin price

In the following video, our analysts deep dive into the price action of Litecoin, analyzing key levels of interest in the market. -FXStreet Team

 

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.