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Bulls could not hold the initiative until the end of the day, and most of the coins have returned to the red zone.
The rate of Litecoin (LTC) has declined by 2% over the last 24 hours.
On the hourly chart, the price of LTC has made a false breakout of the support of $69.22. If the bar closes near the resistance level or even above it, there is a chance to see a test of the $71-$72 area soon.
On the daily time frame, the situation is less positive as the price keeps trading near the $67.91 level.
If buyers lose the $70 zone, one can expect a test of the support level, followed by a blast to the $64-$66 range.
On the bigger chart, one should focus on the weekly bar closure in terms of the previous bar low. If it happens above $70.15, buyers may seize the initiative, which may lead to a bounce back to $72.
LTC is trading at $70.15 at press time.
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.
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