Can Litecoin price break through the resistance at $70?


The price of Litecoin, often considered as an alternative with potential to Bitcoin, is currently flirting with a crucial resistance at $70. This symbolic barrier, tested several times, raises questions about the asset’s ability to cross it soon or not. What factors could influence this rise? Let’s find out together.

Current Litecoin Price Analysis

Litecoin is currently trading at around $68. Although it attempted to breach the $70 mark, it encountered significant resistance. This bearish pressure prevented Litecoin from surpassing this symbolic mark and even pushed it slightly below $67, although without much success.

Litecoin 1-day price chart shows a consolidation around this $70 threshold. The drop in 24-hour trading volume could reflect a decrease in interest in Litecoin that day.

The RSI-14, a key indicator, suggests that the bears are gaining ground, tandis that the SMA-14 indicates a potential increase in the coming hours.

On a shorter time frame, the 4-hour price chart shows that Litecoin struggling to stay above the EMA20 trend line. The BoP indicator is in bullish territory, but the MACD forming red candles below the signal line could indicate strengthening bearish pressure.

Litecoin Forecast

Currently, the Litecoin market is in a delicate situation, balancing between bullish and bearish scenarios. The cryptocurrency is struggling to break through the resistance at $70. If the bulls gain traction, the price of Litecoin could soar, possibly $80. This rise would be supported by positive momentum and increased investor confidence in this altcoin.

On the other hand, the situation could take a different turn. If the bears impose their force, the price of Litecoin could retreat. In this case, it could go below the support level of $65.64.

This downward movement could lead to a significant correction, sending the price down as much as $56.96 in the worst case scenario.

Thus, the outlook for Litecoin is uncertain, depending on market movements and the ability of investors to cross key thresholds. Using the cryptocurrency market makes these predictions particularly tricky and investors should remain attentive to these indicators.

News influencing the price of Litecoin

Several recent events could have an influence on the price of Litecoin. First, the Litecoin network reached a major milestone by completing its 175 millionth transaction. In just one year, 43 million transactions were added, surpassing the previous year’s record.

Another major event was the Litecoin halving. This event, eagerly awaited by the community, saw block rewards go from 12.5 LTC to 6.25 LTC. This happened on August 2, during block 2,520,000.

The introduction of the MWEB functionality by the Litecoin development team could also have a significant impact. This upgrade allows confidential transactions, adding an extra layer of privacy to Litecoin transactions.

The question of the maximum supply of Litecoin, set at 84 million, compared to that of Bitcoin, set at 21 million, also remains a subject of discussion.

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Sources: CoinMarketCap / yPredict

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This article does not constitute investment advice in any way. The information provided here should not be used as a basis for making financial decisions. Cryptocurrency investments involve risks and may result in significant losses. You should only invest what you can afford to lose and carry out your own research before making any investment decisions.





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