- After hitting new August lows, Litecoin shallow recovery fails to break $70 hurdle.
- Indecision strikes Litecoin price as buyers’ motivation tanks on failing to break key barriers.
Litecoin price last week intimidated the bulls who scattered into hibernation. The consolidation above $70 last week caved in to the widespread bear pressure sending LTC in a spiral. LTC/USD hit new August lows at $62.19. Luckily, the support at $62 allowed the buyers to take a deserved breather before pulling the crypto up again.
The just-concluded weekend session did not have major changes to the price. However, there is a visible shallow recovery above both the 50 Simple Moving Average (SMA) and the 100 SMA. LTC paced above $66 resistance but slowed down short of $68.
At the moment, Litecoin price action is mundanely motionless and marginally above $66.00 short-term support. All technical indicators point towards a cloud of indecision. The Moving Average Convergence Divergence is above the mean line at +0.5382. The minor negative divergence shows that selling activity will continue to hamper movement in the coming sessions.
A glance at the fast stochastic oscillator, we can tell that resistance at $68 and $70 will hard nuts to crack. This is because of the struggling buying pressure and lack of motivation after failing to crack the $68 hurdle. For now, traders can expect LTC/USD to stay above the Bollinger Bands 1-hour Middle curve until a compelling move comes from either the sellers or the buyers.
Be the first to comment