In recent trading sessions, the price of Litecoin has remained stagnant below a significant resistance level while Bitcoin has experienced consistent fluctuations. Although Litecoin showed a slight increase of 2% in the last 24 hours, it lost 1% over the week, indicating consolidation.
The altcoin’s technical outlook suggests a potential bearish takeover, as demand and accumulation for the altcoin have both declined. The crucial overhead resistance level of Litecoin has been a barrier that the coin has failed to surpass previously. In the event of another rejection over the coming trading sessions, bears could successfully take over.
As Bitcoin approaches the $30,000 mark, major altcoins are following a similar price trend. If BTC successfully crosses this resistance level, Litecoin could experience a rally. However, the market capitalization of LTC has decreased in the last 24 hours, indicating a decline in buying strength.
Litecoin Price Analysis: One-Day Chart
Litecoin was priced at $89.58 on the one-day chart | Source: LTCUSD on TradingViewThe Directional Movement Index has also been negative, with the +DI line (blue) below the -DI line (orange). Furthermore, the Average Directional Index has fallen below the 20-mark, indicating that the current price trend lacks strength. However, with an increase in demand and broader market strength, LTC may be able to break through its overhead resistance level in the coming trading sessions.
source:newsbtc
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