- The LTC coin price forms a peanut pattern between the $79.42 and the $59.05 levels.
- The technical summary suggests sell signals in the current trading sessions.
Litecoin (LTC) leverages the unique properties of blockchain technology by providing fast, secure, and low-cost payments. The project was released by an open-source client on GitHub on 7 October 2011. The cryptocurrency was created by Charlee Lee, who intended Litecoin to be a lite version of Bitcoin. Litecoin uses a proof-of-work (PoS) consensus algorithm to ensure transactions are confirmed quickly without any errors.
LTC Coin Price Overall Returns is Around 132%
In November 2022, the LTC coin price exceeded the $74.25 resistance level. The price surged over 40% from the $59.05 support level. It created a demand on that level, which intrigued many crypto buyers and prompted them to take positions.
As a result, the LTC coin price advanced more than 70% from that demand level. The price created resistance around $107.28, which became the next target of bulls. On 11 March 2023, the LTC coin price got a positive reaction from the buyers at $65.71.
Subsequently, the LTC coin price broke above the $107.28 resistance on 30 June 2023. It faced resistance from the $115.17 supply zone and fell below the last swing high of the $65.71 level. The price declined by over 45% during that fall.
The LTC coin price created a decisional supply zone at $79.42 during falling, which has become a hurdle for the price. The all-time high level of the LTC coin price is $412.96, and the current market price is moving 83.19% below it.
Technical Analysis of the LTC Coin Price
The 50-day and the 200-day EMAs had a bearish crossover on August 18, 2023, reflecting a downtrend. Conversely, the current LTC coin price is facing resistance multiple times from both the EMAs. The 50-day EMA is at the $69.58 level, and the 200-day EMA is at $71.80.
The LTC coin price trades between the $79.42 and the $59.05 levels in a consolidation phase. It is forming a peanut pattern attracting many price action traders. However, the current market price is in a negative direction.
The price got an adverse reaction from the supply zone of $79.42 and fell to the lower consolidation range of $59.05. According to the trend, the LTC coin price is highly likely to break below that pattern with the $59.05 level as a support.
Alternatively, the relative strength index (RSI) shows internal bullish divergence in the price momentum. It can be a false signal to trap buyers in the current sessions. The RSI is moving at 49.62 toward the 50-mark middle band.
Conclusion
The LTC coin price is consolidating between the long ranges. The overall trend is bearish, and the current price is facing selling pressure from the $79.42 supply level. It is forming a peanut pattern with a high probability of giving a breakdown to the $59.05 lower range.
Technical Levels
- Resistance Levels: $85.73 and $115.17
- Support Levels: $59.05 and $47.18
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading stocks comes with a risk of financial loss.