Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Bulls could not hold the initiative until the end of the day, and most of the coins have returned to the red zone.
The rate of Litecoin (LTC) has declined by 2% over the last 24 hours.
On the hourly chart, the price of LTC has made a false breakout of the support of $69.22. If the bar closes near the resistance level or even above it, there is a chance to see a test of the $71-$72 area soon.
On the daily time frame, the situation is less positive as the price keeps trading near the $67.91 level.
If buyers lose the $70 zone, one can expect a test of the support level, followed by a blast to the $64-$66 range.
On the bigger chart, one should focus on the weekly bar closure in terms of the previous bar low. If it happens above $70.15, buyers may seize the initiative, which may lead to a bounce back to $72.
LTC is trading at $70.15 at press time.