Key Insights
- Litecoin is up by 4% over the last day after rising from a $58 low in the previous 24 hours.
- Litecoin hit $63 and has since reversed to the $61 zone where it sits at the time of writing.
- The simple moving averages and the RSI’s proximity to the neutral zone show a balance between supply and demand.
Litecoin has done well for itself in terms of recovery from the effects of the FTX fiasco.
The cryptocurrency is up by 4% over the last day after rising from a $58 low in the previous 24 hours. Litecoin hit a $63 high early on Friday and has since reversed to the $61 zone where it sits at the time of writing.
Although Litecoin has yet to experience supremely bullish price movements, several signs indicate that the altcoin may enter a bullish phase.
Litecoin (LTC) Price Analysis
The price of Litecoin has been stuck between $46 support and $75 resistance over the last few weeks.
The inability of the bulls to raise the price above $75 on 7 November may have strengthened the bears to push the price of the cryptocurrency lower. As a result, the cryptocurrency price trended downward towards the $46 support level again on 9 November.
After hitting the support level, the price of LTC continued to increase. However, the LTC/USDT pair was under solid bearish pressure around the $65 zone. This may indicate that the bears are gathering strength.
The simple moving averages and the RSI’s proximity to the neutral zone show a balance between supply and demand. This suggests that the pair may trade for some time in a limited range between $53 and $65.
The price of LTC currently trades above the $60 support after rebounding from about $50 in the daily timeframe and breaking above $60. This indicates that the cryptocurrency’s price action is sufficiently healthy and may even be headed for a breakdown of the $70 resistance.
More LTC price rallies may occur if the price stays above the $60 zone; a break below it would mean another retest of the $53 zone.
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