Main navigation

Litecoin (LTC) Price Analysis for September 7

Thu, 09/07/2023 - 15:49
article image
Denys Serhiichuk
How long is correction of Litecoin (LTC) going to last?
Litecoin (LTC) Price Analysis for September 7
Cover image via www.tradingview.com

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.

Read U.TODAY on
Google News

Sellers are keeping the pressure on, according to the CoinMarketCap ranking.

Top coins by CoinMarketCap

LTC/USD

The price of Litecoin (LTC) has dropped by 0.41% over the last 24 hours.

Image by TradingView

On the hourly chart, the rate of Litecoin (LTC) is on its way to testing the support of $62.31. If the situation does not change, closure near the mentioned mark might be a prerequisite for a blast to the $62 zone.

Image by TradingView

On the daily time frame, the situation is almost unchanged since yesterday as the rate keeps trading in a narrow channel, accumulating energy for a further move.

Related
Cardano (ADA) Price Analysis for September 6

However, if buyers lose the $62 zone, there is a high chance of seeing a support level breakout, followed by a continued drop to $60.

Image by TradingView

On the bigger chart, the rate of LTC has bounced off the zone of $70, which means that buyers are not ready yet to seize the initiative. Currently, traders should focus on the $60 zone. If the decline continues to it, bears can keep the fall to the $55 mark.

LTC is trading at $62.88 at press time.

article image
About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.