If you are wondering what is Litecoin performing like this month, we can safely say that Litecoin is bearish and LTC is still battling with the downtrend as the market price moves below the $60 support level.
The key levels to watch out for now in the LTC/USD market are the resistance levels at $70, $75 and $80. On the other hand, the support levels are at $48, $46 and $44. At the time of writing, LTC/USD has been trading down around 2.33% at its current price of $58.59 and the coin is down slightly from its 24-hour high of $61.87.
In addition to the fact that Litecoin is bearish, zooming out and looking at the price action for the past few day and the trading period can show how much volatility LTC has been incurring. As the Litecoin news now show, the price is now trading below the 9-day and 21-day moving averages and is about to break through the lower boundary of the channel.
From above, the nearest level of resistance lies at the $62 level and above this, higher resistance lies at $65. If the buyers can climb above the $68 resistance, we can see that further resistance may be found at $70, $75 and then $80. In other words, what is Litecoin now trying to do is pump above these levels but first must clear the support at $55.
Below the $55 support area, further support lies at $50 and $46. Still, Litecoin is bearish and if the sellers continue to push the price beneath the support level of $46, we could see $45, $40 and $35 support levels touched. At the moment, the daily chart shows that the technical indicators are moving well and below the 40-level, which may bring more bearish signals into the market.
When compared to the latest Bitcoin news, the price of LTC is moving down slowly below the 9-day and 21-day moving average. If we look at the daily chart, we can see that the bulls are following the downtrend and continuing to dance to the tune of the bears. The daily chart also shows that buyers are still suffering from serious downtrend pressure from the sellers.
All in all, LTC is at $59.70 which is a good level and in the green right now. Traders hope that nothing will change soon.
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