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Litecoin Price Analysis, 4th June: What is ahead for LTC?

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LTC/USD Dominant Trend: Bearish

Supply Levels: $126, $136, $146

Demand Levels: $80, 70, $60

 

Litecoin Price Analysis

According to the 4-hour chart, the market tells us that the Litecoin price has reached the $101 supply level twice in the last two weeks, which is the lowest level. Although the market is still down, there is likely to be more downward movement, the future seems bright for sellers. The market continues to operate under a 21-day moving average (MA) and the history of recent price spikes shows a similar evolution. In the event that the structure detailed above does not provide the necessary support, then it is necessary to wait for a possible withdrawal to the lower zone since litecoin price moves towards the demand zone that will serve as a follow-up of the demand between $80 and $60.

LTC/USD Price Chart
LTC/USD Price Chart

In addition, if litecoin price drops further to $80, it can regain its strength, but the RSI 14 signal line continues to retreat in the oversold territory, confirming the current market trend in a downward motion. However, as soon as the signal line at RSI 14 has finalized its decision and begins to sell in excess, buyers should expect a slowdown as the market rotates and gains enough momentum to reach the level of the offer in $126, $136 and $146 respectively. But for now, the market continues to obey the downward trend for the buyers to strengthen up, once it has reached its peak, buyers should expect a serious pullback.

Disclaimer: Coinnounce's views are not necessarily reflected in the articles published, and they are the sole representation of the author's opinions. Article's information should not be taken as investment advice. Risks are involved in cryptocurrency investments and trading. Readers are urged to carry out extensive research before making a decision.

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