Connect with us
Active Currencies 14355
Market Cap $2,752,572,006,539.30
Bitcoin Share 50.81%
24h Market Cap Change $8.36

Litecoin: Will the price range above $60 extend?

2min Read

Litecoin’s short-term range consolidation could extend amidst increasing selling and buying interest levels at $66 and $60 respectively.

Litecoin price analysis

Share this article

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

  • LTC consolidated above $60 since mid-August but was unable to bypass $70.
  • A major sell limit order was placed at $66, and buy limit orders at $60, $55, and $50.

Litecoin [LTC] could extend its ongoing price consolidation above $60 based on technical indicators and order flow data. A look at technical indicators showed that bulls were still weak at press time, but the price had eased above $60. 


How much are 1,10,100 LTCs worth today


The zoomed-out chart showed that the current price action was above the August 2022 range-high of $63. LTC chalked a range formation of $50.5 – $63 in August 2022. 

The recent weekly candlestick session (28 August – 3 September) closed above the range-high ($63), proving that bulls were willing to defend it further. 

What’s next for Litecoin’s price action in the short term?

Litecoin price analysis

Source: LTC/USDT on TradingView

On the 4-hour chart, an H12 bearish order block (OB) exists near $68 and an immediate dynamic resistance level of 50-EMA (Exponential Moving Average) at $65. 

Since the mid-August extended price dump, LTC bulls have defended the August 2022 range-high of $63. But they were unable to go beyond $70. Besides, the H12 bearish OB and 50-EMA could derail bulls, too. 

So, LTC could extend its consolidation above the range-high ($63) in the next few hours/days. 

Conversely, a breach below $63 could set it to depreciate towards the mid-range of $57 or the confluence of the range-low ($50.5) and weekly bullish OB of $43 – $54.5 (cyan). 

Meanwhile, the H4 RSI hasn’t forayed above the 50-mark in early September; denoting buying pressure remained subdued. However, the CMF crossed zero, underscoring substantial capital inflows to LTC markets. 

Significant sell/buy limit orders at $66, $60, $55, and $50

Litecoin price analysis

Source: Mobchart


Is your portfolio green? Check out the LTC Profit Calculator


According to Mobchart, an order flow tracking platform, significant sell limit orders were placed at $66 (3.11k LTC) and $70 (3.26k LTC) on Binance Exchange’s spot market at press time. The levels fall between the H4 50-EMA and the H12 bearish OB and the recent high ($70). So, LTC could face difficulty clearing these hurdles. 

On the other hand, there were significant buy-limit orders at $60 (3.59k LTC), $55 (4.94k LTC), and $50 (4.74k LTC). So, LTC could see a rebound if it drops to these levels. 

But if BTC continues consolidating above $25k, LTC could take a cue and extend its price range above $60. 

Share

Benjamin is a Telecommunication Engineering graduate who is passionate about crypto-markets and unraveling market trends. Armed with charts and patterns, he's interested in making the intricate, complex landscape of digital assets more palatable for every user.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.