LTC Price Analysis: Litecoin Bulls Lose Momentum, Falters Along Near Term Support at $72.15 Level

LTC/USD rebounded from the low level at $ 68.58 on Monday. Major cryptocurrencies had a short beginning to the week, caused by Bitcoin’s plunge from a price level of $ 9,900. Today, Litecoin buyers kept the price past the $ 72.15 level, as prior overwhelming pressure from the sellers led to a decrease beneath the $ 70 level earlier. Meanwhile, Charlie Lee says 100% decentralized finance is unattainable, as difficulty usher in bugs and exploits.

* The prior high becomes the goal to defeat by the bulls

* LTC/USD breaks beneath the moving average 5 and 13 for the first time after January 24

* LTC/USD has lost upside momentum to the north earlier, near-term support is discovered at $ 72.15

Key Levels

Resistance Levels: $ 90.00, $ 84.50, $ 78.45

Support Levels: $ 68.58, $ 50.63, $ 35.88

LTC/USD Daily Chart: Bullish

Litecoin incurred massive losses on the weekend after the altcoin sphere was subjected to bearish pressure along with Bitcoin. In the long term, the LTC/USD pair may weaken to the level of $ 68.58 on the off-chance the cryptocurrency continues to trend beneath the resistance level of $ 78.45.

Further adjustments back to $ 84.50 level could be seen by LTC/USD bears as a crucial selling possibility. The LTC/USD pair is set to advance, trading past $ 78.45 level. The key resistance level is at $ 84.50 and $ 90.00 levels accordingly. On the off-chance LTC/USD pair trades beneath $ 78.45 level, bears can approach the support levels at $ 68.58 and $ 67.28 levels.

LTC/USD 4-Hours Chart: Ranging

Litecoin price protects support at $ 72.15 level of the last swing high at $ 84.50 level to a swing low at $ 50.63 level. The trading range begins when the RSI tries to recover past 30, and the near term resistance zone is at the level of $ 75.42. The moment it’s broken, the bulls can concentrate on breaking past resistance zones at the level of $ 78.45 and $ 84.50 level accordingly.

Although the crypto-asset is currently in range in the short term, this may just be a correction as bulls may regain control of LTC/USD, while the goal may shift to break past the high of the previous wave of $ 84.50. In the short term, if a lower wave is made, then the bulls may weaken.

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