FxNews—Litecoin trades below the 100-period simple moving average at approximately $65.5 in today’s trading session. The critical resistance level rests at $67.5, with the 100-period SMA and the descending trendline.
The technical indicators in the daily chart below suggest the primary trend is bearish, but the price can break out and rise to test the higher resistance levels.
Litecoin Technical Analysis – 14-September-2024
From a technical standpoint, the LTC/USD pair will likely target the $76.0 resistance if the price breaks above the descending trendline or the $67.5 resistance.
Furthermore, if the buying pressure exceeds $76, the following resistance level will be the $80 physiological level.
Litecoin Bearish Scenario
On the flip side, the primary bearish trend will be triggered if the Litecoin price falls below the immediate support level of $62.2. If this scenario unfolds, the downtrend can extend to $54.5, followed by $49.5.
Litecoin Key Support and Resistance Levels
Traders and investors should closely monitor the key levels below to make informed decisions and adjust their strategies accordingly as market conditions shift.
- Support: $62.25 / $58.5 / $54.5
- Resistance: $67.5 / $70.0 / $80.0