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Sellers are keeping the pressure on, according to the CoinMarketCap ranking.
The price of Litecoin (LTC) has dropped by 0.41% over the last 24 hours.
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.
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.
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.
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.
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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