Will Litecoin Manage to Sustain Its Price Level Above $72?

• Litecoin lost 5.82% value to find itself near a $72 price level
• LTC lacks support from the short-term moving average

Litecoin price has also been marred by the overall bearish pressure of the market. In the last 24 hours, it has lost 5.82%, and its value has been dragged down to $72.1 from $76.5. However, in this said timeframe, LTC faced huge volatility, but recently, it traded slightly upwards, and hence, there may be a short stint of price recovery in the short-term.

Litecoin Price Analysis

The currency opened the day at $76.56, and in the next 3 hours, LTC added $3.95 and touched $80.51. After reaching $80 mark, it started trading downwards and registered a 16.07% correction that cost it $12.94 and pulled the Litecoin price down to $67.54 by 16:53 UTC. However, the currency couldn’t be kept at this low for long and gathered momentum to add 12.21% towards the closing of the day. In the last two and a half hours, Litecoin’s value again tapered off by 5.37% and fell to $71.75.

In the last week, LTC price traded under the rising channel, and from the last two days, the currency marked steep downside movement. If we look at the technicals of Litecoin, the current price is lagging behind its 50 days MA by a marginal value, and its MACD line is moving above its signal line despite sudden falls overnight. It hints that the upcoming days may not be challenging for Litecoin. The currency might trade in a similar range. Its RSI currently moves around 55 with no extremity. As per the current price trend, Litecoin may reflect slight recovery and stay above $72 mark.