{"id":550058,"date":"2023-09-05T15:00:12","date_gmt":"2023-09-05T15:00:12","guid":{"rendered":"https:\/\/ktsl888.com\/?p=550058"},"modified":"2024-06-11T07:42:12","modified_gmt":"2024-06-11T07:42:12","slug":"litecoin-will-it-sustain-above-60","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/litecoin-will-it-sustain-above-60\/","title":{"rendered":"Litecoin Price Momentum: Will It Sustain Above The $63 Mark?"},"content":{"rendered":"
Litecoin (LTC) has found itself in a tight consolidation phase, firmly locked within the $60 to $70 range since mid-August. Despite several attempts to break above the $70 resistance level, bulls seem to be running low on aggressiveness.<\/span><\/p>\n As of the latest data from <\/span>CoinGecko<\/span><\/a>, LTC is trading at $62.99, reflecting a 1.8% decline over the past 24 hours and a seven-day slump of 3.1%.<\/span><\/p>\n In recent weeks, LTC bulls have diligently defended the August 2022 range-high of $63, preventing a drop below this crucial support level. However, their efforts to push the price beyond $70 have proved futile.\u00a0<\/span><\/p>\n A closer look at the <\/span>technical indicators<\/span><\/a> reveals that the H12 bearish order book and the 50-day Exponential Moving Average (EMA) are posing significant challenges for the bulls.<\/span><\/p>\n Analysts believe that Litecoin could continue its consolidation above the $63 range-high in the coming hours or days. Still, the prevailing bearish pressure could hinder any substantial upward movement in the near term.<\/span><\/p>\n Surprisingly, despite Litecoin’s price consolidation, its on-chain data has shown increased activity in its ecosystem. According to a <\/span>separate report<\/span><\/a>, over the past four months, the share of Litecoin in global cryptocurrency payments has surged by an impressive 21%.\u00a0<\/span><\/p>\n This suggests that despite the stagnant price, Litecoin remains a popular choice for transactions.<\/span><\/p>\n <\/p>\n To complicate matters further for LTC, order flow tracking platform Mobchart cited in an <\/span>analysis<\/span><\/a> significant sell limit orders at $66 (3.11k LTC) and $70 (3.26k LTC) on Binance Exchange’s spot market.\u00a0<\/span><\/p>\n These levels are strategically positioned between the H4 50-EMA and the H12 bearish order book, effectively forming a formidable barrier for Litecoin’s price to overcome. This adds to the growing challenges faced by LTC bulls in their quest to push the price higher.<\/span><\/p>\n <\/p>\n Moreover, sentiment around Litecoin has been increasingly bearish in recent times, as indicated by a separate report revealing that LTC bears have strengthened by 19% in the past week. This surge in bearish sentiment has likely contributed to the current downward pressure on LTC’s price.<\/span><\/p>\nLitecoin Bulls Defend Key Levels But Face Technical Challenges<\/strong><\/h2>\n
LTC’s Struggle Amid Growing On-Chain Activity<\/strong><\/h2>\n
Litecoin market cap currently at $4.6 billion. Chart: TradingView.com<\/a><\/pre>\n
Sell Limit Orders And Bearish Sentiments<\/strong><\/h3>\n
LTC seven-day price movement. Source: CoinMarketCap<\/a><\/pre>\n