Litecoin [LTC] continued its ascent after rebounding from the $60 support level in early September. The altcoin has chalked out a classic...
Litecoin, at press time, was at a critical point, facing immediate resistance at $72 and support levels around the 20-day and 50-day EMAscontinued its ascent after rebounding from the $60 support level in early September. The altcoin chalked out a classic ascending broadening wedge on its daily chart as it retested the $72 resistance, at the time of writing.Litecoin has been on a steady uptrend for the past few months.
Consequently, the altcoin may return to the $68.45 support level. Further declines could occur if sellers enter the market, with additional support at $63.99 and $60.61. A decline below the zero line would signal stronger momentum for sellers. Conversely, a bullish crossover could negate any bearish expectations in the near term.Derivatives data indicated a hike in trading activity, with volume increasing by 47.32% to $170.12 million. However, Open Interest slightly fell by 2.06%, with a press time value of $249.49 million. This difference suggests traders adjusted their positions amid market volatility, which could mean a major move is coming.
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