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Does Litecoin Price Have A Long Way to Reclaim Upper Level?

2 Mins read

Litecoin (LTC) is a cryptocurrency that was developed to enable fast, secure and low-cost payments by utilizing the remarkable and unique features of blockchain technology.

Like Bitcoin and several various other cryptocurrencies, Litecoin utilizes the PoW consensus algorithm to guarantee transactions as they are confirmed quickly and without errors. 

The combined power of the Litecoin mining network prevents double-spends and a range of other attacks, while ensuring the network has 100% uptime.

The cryptocurrency is also often operated as a trial ground for latest new technologies before they are involved and applied on the Bitcoin network. 

Litecoin was the first to implement Segregated Witness (SegWit), which “separates” a transaction’s digital signature data (the witness) outside of it to use limited block space better, even though the technology was first suggested for Bitcoin.

LTC also executed the Lightning Network, a layer-two (L-2) scaling solution, before Bitcoin. Many used Litecoin’s Lightning Network to test the network, which depends on user-generated payment channels, in a real economic environment.

Litecoin Price Could Shed More Weight

Does Litecoin Price Have A Long Way to Reclaim Upper Level?
Source: LTC/USD: COINBASE.1.D. by TradingView

Litecoin price is a range, stretching from $56 to $115 in the past 365 days, as it crashed 51% between July 3, 2023, and September 11, 2023. Since then, LTC has moved with low momentum, has hardly recovered, and was mostly trading below the $85 level.

After LTC broke down from the wedge formation, Litecoin price slumped 12% and is currently trading at $64.78.

The LTC crypto chart shows a sharp decline as the price fell from a wedge of around $72. Now, the Litecoin crypto is headed for a steep drop.

Therefore, if Litecoin crypto’s price is rejected at the range low of $56, it will invalidate the bullish scenario. In such a case, LTC could continue heading lower up to the weak low and could even reach up to the $50 psychological level.

On the other hand, if Litecoin price recovers above the range low of $56 and produces a higher high above the last key swing high, it would confirm the emergence of bulls. In such a case, LTC is likely to kickstart a rally to the daily resistance level of $68.

Moreover, the LTC crypto asset is showing bearish weakness and falling potential as it drops below major EMA’s. Litecoin is showing bearish momentum as MACD is showing a bearish cross with a broadening width of the histogram and the RSI is falling steadily, indicating that the LTC asset is not gaining steam and can continue to slump lower.

Source: LTC/USD: COINBASE.1.D. by TradingView

Summary

The LTC crypto has displayed a sign of a major decline as the price fell from a wedge of around $72 on the chart. Therefore, if Litecoin crypto’s price is rejected at the range low of $56, the bullish scenario is unlikely. In such a case, LTC could continue heading lower up to the weak low and can even reach up to the $50 psychological level.

Technical Levels

Support Levels: $56

Resistance Levels: $68

Source

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About author
Harry is a crypto enthusiast and experienced trader with a track record of success. With a deep understanding of blockchain technology, he has analyzed market trends and identified profitable opportunities, resulting in impressive returns. Harry 's expertise lies in developing effective trading strategies that leverage the potential of cryptocurrencies. Through his articles, guides, and educational resources, he shares his insights and knowledge, helping individuals make informed trading decisions. With a keen eye for market patterns, Harry has navigated the volatile crypto landscape with confidence. Stay tuned for valuable perspectives and expert advice from Harry as he contributes to the Ailtra platform.
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