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  • Litecoin price selling and buying pressure cancel out in the narrow range between $75 and $76.
  • Technical analysis reveals that sideways trading action could take precedence in the coming sessions.

Spot rate: $75.06

Relative change: -0.5445

Trend: Bearish

Volatility: Shrinking

LTC/USD daily chart

LTC/USD price chart

Litecoin price volatility is shrinking amid continued consolidation at $75. The upside is limited at the Bollinger Band middle curve while $80 remains the key resistance likely to keep $85 and $100 barriers at bay a while longer.

On the flip side, in spite of the selling pressure, LTC/USD has been able to sustain an uptrend above an ascending trendline. If the trendline support remains intact, Litecoin price could stay clear of the $60’s range, allowing the bulls to focus on higher levels towards $100.

LTC/USD 1-hour chart

LTC/USD price chart

Litecoin price seems to have settled in sideways trading in a narrow range between $75 and $76. The consolidation is occurring after a shallow recovery from the support of $72. LTC/USD is also trading within the confines of a short term descending channel. If the channel resistance is cleared, LTC could breakout above $80. However, if the pattern’s support is shuttered, a return to $66 support is possible. Meanwhile, most technical indicators including the MACD and the RSI point towards continued sideways action.

 

 

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