Litecoin (LTC) has discovered itself in a decent consolidation part, firmly locked inside the $60 to $70 vary since mid-August. Despite a number of makes an attempt to interrupt above the $70 resistance stage, bulls appear to be working low on aggressiveness.
As of the newest knowledge from CoinGecko, LTC is buying and selling at $62.99, reflecting a 1.8% decline over the previous 24 hours and a seven-day hunch of three.1%.
In current weeks, LTC bulls have diligently defended the August 2022 range-high of $63, stopping a drop beneath this significant assist stage. However, their efforts to push the value past $70 have proved futile.
Litecoin Bulls Defend Key Levels But Face Technical Challenges
A more in-depth have a look at the technical indicators reveals that the H12 bearish order e book and the 50-day Exponential Moving Average (EMA) are posing important challenges for the bulls.
Analysts imagine that Litecoin may proceed its consolidation above the $63 range-high in the coming hours or days. Still, the prevailing bearish strain may hinder any substantial upward motion in the close to time period.
LTC’s Struggle Amid Growing On-Chain Activity
Surprisingly, regardless of Litecoin’s value consolidation, its on-chain knowledge has proven elevated exercise in its ecosystem. According to a separate report, over the previous 4 months, the share of Litecoin in international cryptocurrency funds has surged by a powerful 21%.
This means that regardless of the stagnant value, Litecoin stays a preferred selection for transactions.
Litecoin market cap at present at $4.6 billion. Chart: TradingView.com
Sell Limit Orders And Bearish Sentiments
To complicate issues additional for LTC, order circulate monitoring platform Mobchart cited in an analysis important promote restrict orders at $66 (3.11k LTC) and $70 (3.26k LTC) on Binance Exchange’s spot market.
These ranges are strategically positioned between the H4 50-EMA and the H12 bearish order e book, successfully forming a formidable barrier for Litecoin’s value to beat. This provides to the rising challenges confronted by LTC bulls of their quest to push the value larger.
LTC seven-day value motion. Source: CoinMarketCap
Moreover, sentiment round Litecoin has been more and more bearish in current instances, as indicated by a separate report revealing that LTC bears have strengthened by 19% in the previous week. This surge in bearish sentiment has seemingly contributed to the present downward strain on LTC’s value.
Litecoin (LTC) stays trapped inside the $60 to $70 vary, with technical indicators and important promote orders appearing as obstacles to any substantial value motion.
Despite on-chain exercise displaying promise, rising bearish sentiments proceed to weigh on LTC’s value, making it a difficult interval for Litecoin buyers and fans.
(This web site’s content material shouldn’t be construed as funding recommendation. Investing includes danger. When you make investments, your capital is topic to danger).
Featured picture from CMC Markets
