Litecoin Price on Trendline: Can It Hold Key Support Level Of $50

• LTC price is in the lower high territory and has reacted negatively.
• Litecoin traded below the key moving averages, indicating the bears’ dominance.

The Litecoin (LTC) price chart structure has displayed weakness over the past few years. On a weekly time frame, the Litecoin price has been rising by supporting the trendline for the past 7 years.

Since mid-2022, the Litecoin price has not shown any big momentum. It has been consolidating on the trendline.

A short-term bullish momentum was initiated in the first quarter of 2024 but failed to exceed the $110 mark. Since April, the price has been falling by forming lower lows and lower highs, slipping below the key moving averages.

Based on the technical indicators, it seems that the LTC crypto price has reached the bottom. Since July, the RSI has been generating bullish divergences, which is a bullish sign, and a reversal can be planned.

Is LTC Price Ready to Blast Before August?

Dr. Litecoin (@litecoin_dr) has tweeted that the Litecoin price might shoot up before October. In the short term, the price has been falling through a channel.

7 year support or a 4 month resistance

I think we know where it goes ⬆️

We will see a massive move before October. #Litecoin #LTC $LTC pic.twitter.com/EbhzREbCib

— Dr. Litecoin (@litecoin_dr) August 30, 2024

The LTC price has been rising in a broader time frame, supporting the trend for the past 7 years. On the flip side, the price has been falling because of resistance from a trendline for the past 4 months.

Suppose the chart structure manages to attract investors; buying momentum for the long term can be anticipated. The price may prefer to defend the major support level in facing resistance from a 4-month descending trendline.

Litecoin Price Synopsis

At press time, the Litecoin crypto was being traded at $65.95, which has risen by 1.54% in the past 24 hours. The market capitalization was $4.90 Billion, and the 24-hour trading volume was $330.79 Million.

Technical Analysis of Litecoin Crypto Price Over 1-D Timeframe

Based on the technical chart, the LTC crypto price has performed negatively for the past few months. It has dropped below the key moving average but has managed to defend a major support level.

For the past few months, the price has been declining by facing resistance from a descending trendline.

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Suppose the digital asset price triggers a breakout from the descending trendline; buying can be anticipated. It would be a buying opportunity if the price smashes the 200-day EMA. Also, the price may extend to the $100 hurdle.

Alternatively, buyers might panic if the price starts trading below the key support level, and profit booking can be initiated. Due to the profit booking, strong selling pressure can be seen.

Regarding technical indicators, the LTC price has surpassed the 20-day EMA. It has been heading for the 200-day EMA, a bullish sign. The RSI has generated a bullish crossover with the RSI-based moving averages, showcasing the bullish trend.

Litecoin Price Forecast

The Litecoin price has performed negatively for the past few months. In a broader time frame, the LTC crypto price showed strength. It has risen by taking support on an ascending trendline.

The technical indicators suggest that the bearish trend has halted, and a trend reversal can be seen.

Technical Levels

The LTC price is expected to face resistance from the $73.00 and $100.00 levels. It may take support on the $60.00 and $50.00 mark.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.