Litecoin Gears Up for Rebound After a Recent and Sharp Decline

  • Litecoin price has nosedived just a few minutes ago, though, LTC has formed a rebounding candle.
  • LTC has breached the key support level near $66, hovers around $65.
  • Technical Indicators point out to the current bearish nature of the coin; selling pressure remains constant.

Litecoin price is in need of a strong price recovery as it has just hit the bottom below the key support of $66 with a sharp fall. The coin is above the price range where it was when the month started. But the recent price drop has put the coin under extreme bearish pressure.

Yesterday, the coin opened above $69, and after a steady fall it closed at $67.29. In the meantime, LTC had traced a close above $68 but it faced a rejection there.

Today, after remaining above $67 till 9:30 UTC, the coin has hit the bottom at $65.32 with a decline of 4.35%. However, a rebounding candle has been formed near $65.67 at 10:30:29 UTC. In the last 24 hours, Litecoin has decreased by more than 5%.

Litecoin Intraday Chart

Litecoin Price Chart

Despite the gloomy intraday price scenario, the 5-day Chart of Litecoin shows a minor price rise. The coin saw a constant increase since 1st September causing it to reach above $70 from $64.75 while tracing a bullish trendline.

As the coin could not clear the resistance beyond, it saw a down trend due to which it kept trading between $67 to $69. Though noting a further price decline, LTC has recently entered the price range around $65. As compared to its 5-day High price of $70.69, it has declined by 6.73%.

LTC 5-Day Chart

Litecoin Price Chart

All three technical indicators are showing a bit gloomy picture as they are in bearish phase. RSI is near 25, indicating an oversold momentum, while MACD is in bearish zone with its MACD line below the signal line.

Litecoin’s current price is 11.34% down as compared to its 5-day SMA ($74.07) and is also well below the 50-day SMA ($67.14). Moreover, its Long term SMA line is below the short term SMA line, pointing out to the coin’s bearish price move.

LTC may face resistance at $70.04 and $70.85 if it manages to recover above $68.67, while it can find support levels at $64.31.

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