Litecoin (LTC/USD) Price Retraces, Keeping Above $65
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Litecoin Price Prediction – December 13
A line of losses of momentum has crept in the manner that the LTC/USD market bulls have been pushing within the zones of the Bollinger Bands, letting the crypto-economic picture retrace, keeping above the line of $65.
The market is currently trading at a negative percentage rate of 2.14, centered around the value of $70.785903 as of this technical piece. This indicates that selling pressure is significant in opposition to the likelihood of a quick positive price shift. But it also doesn’t look technically sound enough for sellers to simply enter the descending trend since there may be a pause that gives the trade the leverage to turn around systematically before hitting the critical $65.
LTC/USD Market
Key Levels:
Resistance levels: $80, $85, $90
Support levels:$65, $60, $55
LTC/USD – Daily Chart
The LTC/USD daily chart showcases the crypto-economic trade retraces, keeping above $65 where the lower Bollinger Band trend line is situated.
In addition to the situational standing point of the lower Bollinger Band, it shows that the $65 support will remain firm against any probable fearful falling moves that can gorm in the long run. As it is, the stochastic oscillators have dipped the blue line into the oversold region to sound a notice of warning against seeing further reductional motion from its current trading value without exercising precautionary steps in that direction.
Should investors set their myth on pause now that there’s confirmation of a correction in the LTC/USD pair?
As for investors in th LTC/USD market, they are expected to commit more funds while the price is falling, especially toward or around the lower Bollinger band, as the price currently retraces, keeping above the support line of $65.
The Bollinger Band indications have been presenting the logical bargaining points to the upside and the downside since there are $65, $70, $75, and $80 values involved. Without a doubt, the lowest point would be the last area that bears are capable of reaching. Additionally, as violence is predicted to occur in the upcoming months as they make their way to the moon, any attempt to push further will undoubtedly result in a long-term unstable situation.
Even though there are indications that the cryptocurrency market is under pressure compared to the US dollar at the time of writing, sellers who execute an immediate order in tandem with the movements may find it challenging to cover some of the spread that may have changed.
LTC/BTC Price Analysis
In contrast, the Litecoin market retraces slightly below the middle Bollinger Band against Bitcoin, heeping above the lower Bollinger Band.
The overbought area is where the stochastic oscillators are located, indicating that the base cryptocurrency is being pushed downward versus its quotient counterpart. The trend lines of the Bollinger Bands are positioned downward. It means that under declining set-up, LTC will be placed temporarily. However, the trip back to the southern side usually doesn’t take as long as is required.
Note: Cryptosignals.org is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.
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