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Litecoin (LTC) Price Analysis for January 9

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Tue, 9/01/2024 - 15:45
Litecoin (LTC) Price Analysis for January 9
Cover image via www.tradingview.com

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Most of the top 10 coins have come back to the green zone; however, there are some exceptions to this rule.

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LTC/USD

The rate of Litecoin (LTC) has risen by 0.14% over the last 24 hours.

Image by TradingView

Despite today's slight rise, the price of LTC remains bearish as its rate has not bounced back far from the local support of $64.16. If buyers do not seize the initiative by the end of the day, there is a chance to see a test of $64 again.

Image by TradingView

On the bigger time frame, the rate of LTC is falling after a false breakout of the mirror level of $68. Until the price is below that mark, sellers are more powerful than buyers.  

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Thus, the volume has not increased, which means that buyers are not ready yet to buy at the current prices.

Image by TradingView

From the midterm point of view, neither bulls nor bears are dominating as the rate is far from support and resistance levels. If the situation does not change by the end of the week, ongoing sideways trading between $60 and $70 is the more likely scenario.

Litecoin is trading at $65.47 at press time.

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