- Litecoin (LTC) is likely to set a bullish run if the market can climb back above the $70
- The LTC/USD pair is currently correcting gain, although the mid-term outlook remains in a bearish bias
Since our previous Litecoin’s analysis, the trading volume has dropped by $1 billion, and as such, the market is technically supported by $62. As of now, LTC is showing a positive movement over the past few days.
The market is actually running a little retracement move towards $70 with price growth of 4.94%. Despite the recent gain, Litecoin (LTC) is still maintaining a downward range on a mid-term outlook. We can expect the price to continue falling as soon as the bears resume pressure in the market.
Litecoin’s Current Statistics
Trading Price: $69
Market Capitalization: $4,364,556,671
Trading Volume: $2,891,321,181
Key resistance levels: $70, $75, $79
Key support levels: $62, $58, $53
Litecoin (LTC) Price Prediction for September 3, 2019
On the daily chart, Litecoin (LTC) is looking downward, but it appeared the price action is reaching a tight range on the falling wedge, reflecting bearish exhaustion.
However, the buyers have been struggling with price push over the past three days. A further price increase may allow the market to test immediate resistance levels at $70, $75 and $79 respectively.
Inversely, a bearish extension could roll the coin back to short-term support at $62, $58 and $53 levels. A continuous fall might further lead to a violent break below $60. At the moment, the LTC/USD pair is conveniently trading within a wedge pattern.
Conclusively
Considering the typical wedge pattern on the daily chart, Litecoin (LTC) may follow a bullish continuation once a breakout occurs. Meanwhile, the price is still maintaining a bearish correction on a mid-term outlook. We may have to wait for Litecoin’s breakout before confirming a bullish run.
Technical Indicator Reading
RSI for Litecoin remains above the oversold level since mid-July, supporting the market for the latest price pump.
Stochastic RSI is now climbing toward the overbought area, suggesting an ongoing price growth in the market.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.
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