In the present market situation, most traders and investors feel that things are unclear; nonetheless, the price of LTC continues to trade over $60. On the daily timescale, the price of LTC has rebounded from a low of $50, and the price is aiming for a climb to $70, which would be higher than the 50 Exponential Moving Average.
Litecoin Price Action Has Been Promising
After the tale of FTX, which has shaken the feelings of many investors and traders, the price action demonstrated by Litecoin recently has been promising, offering many reasons to be optimistic. The domino effect caused by the FTX scandal and the involvement of other large investors have halted the market.
The market has yet to make a significant move, even though the price of BTC has been performing well in recent weeks, rising from just a low of $19,500 to a peak of $21,500. There has been a general upward trend across cryptocurrencies, with several producing gains of more than 200%.
One example is DOGE, which has surged from a price region of $0.65 to a height of $0.16. Even though these expectations still need to be met due to the unpredictability of the cryptocurrency market. The price of LTC has been doing quite well in recent times, even though these expectations still need to be met.
The cryptocurrency market has been experiencing significant volatility over the last few days. It is a result of the fact that many alternative cryptocurrencies have been unable to demonstrate their strength since losing the critical support that has been preventing their prices from falling.
Due to the present market uncertainty, investors and traders have been reluctant to make purchases of alternative cryptocurrencies. It is because there is no guarantee that the prices of these cryptocurrencies will move upward shortly.
FTX News Sends Prices On Downward Spiral
The price of Litecoin had a significant shift due to the news about FTX, which sent the price into a downward spiral to the area of $50. However, prices then rebounded off the range with what seemed to be a short demand zone to prevent a significant sell-off.
The rate of LTC has shown some tremendous power after bouncing off this zone, and it is now trading in the neighborhood of $60. The price is currently attempting to climb higher to $70. For additional signals of relief near $70, the pricing of LTC has to maintain itself above $60.
The price of LTC has encountered weekly resistance at $70.
The price of Litecoin has received weekly support of $60.Daily charts show that LTC’s price is holding up well, as it is now trading above $60 support, having bounced from the range of $50. There may be additional LTC price increases if the cryptocurrency can maintain its position above $60. But falling through that level might trigger a bear trap and send prices down.
As for LTC’s daily resistance, that number stands at $70.
The price of LTC is backed by $60 daily.