Home CryptocurrencyAnalysis Litecoin (LTC) Defends $60 As Altcoins Suffer; Here are the levels to watch

Litecoin (LTC) Defends $60 As Altcoins Suffer; Here are the levels to watch

by SuperiorInvest
  • LTC price continues to be strong as the bull refuses to give up on the FTX fiasco as price trends above $60.
  • The price of LTC continues to look strong despite bearish sentiments in the market as it looks uncertain for most traders and investors.
  • LTC price looks strong and continues to hold above the daily 50 Exponential moving average (EMA).

The price action displayed by Litecoin (LTC) has been a joy to watch, holding nicely above the daily range of the price channel that has formed over the past few weeks despite the uncertainty in the market. The market continued to look like a fairy tale and many traders and investors were disappointed after the collapse of the FTX effect, which affected small crypto projects like Genesis, as the market looks weak every day, which means that the bottom is not yet leading to the price. many altcoins are falling. Despite the domino effect of FTX, it had less impact on Litecoin (LTC) as it continues to show its strength to grow. (Data from Binance)

Litecoin (LTC) price analysis on a weekly chart

The past few days have been filled with so much turbulence in the crypto space as many altcoins have struggled to show strength after losing their key support and preventing the price from falling.

The current uncertainty surrounding the market has resulted in a reluctance on the part of traders and investors to make altcoin purchases when LTC looks very different as the price of LTC continues to show bullish price action as the price tracks growth towards the $70 region. -80 dollars.

The FTX and Genesis news heavily impacted the price of altcoins, including LTC, sending the price spiraling towards the $50 area as the price bounced back from that area and regained $60.

After the LTC price closed above the weekly high of $60, there is a high chance that the market will rise, with LTC prices looking higher with the weekly open.

Weekly Resistance at LTC Price – $80.

Weekly support at the price of LTC – 60 USD.

LTC price analysis on a daily (1D) chart

Daily LTC Price Chart | Source: LTCUSDT On Tradingview.com

The price of LTC remains quite strong on the daily time frame as the price trades above the $60 resistance after bouncing off the $50 area on several occasions, giving the bears more faith before recovering to $63.

LTC price is trading at $67; the price must remain strong above this region for the price to recover to the $80 high where it would face resistance to the higher trend. If the price of LTC breaks below $60, we could see further selling as this has been an area of ​​interest for bearish containment.

Daily resistance at LTC price – $80.

Daily support at the price of LTC – 60 USD.

Featured Image From zipmex, Charts From Tradingview 

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