- Litecoin strongly defended $70.00 support in the recent crypto selloff.
- LTC/USD expected to remain in a range between $70.00 and $75.00 in the coming sessions.
Litecoin reacted in tandem with the cryptocurrency market on Wednesday to post significant losses below the 100 SMA 2-hour. Before the declines today, LTC/USD has for more than two weeks drawn a line in the sand stopping declines under $70.00. The bear pressure on the day push it lower towards the vital support at $70.00 but Litecoin formed a low at $70.60.
Meanwhile, the crypto is trading at $72.71 following a slight recovery. The confluence detector tool places the first support between $72.34. The confluence at this level is Bollinger Band 4-hour lower, pivot point 1-day S1, 5 SMA 1-hour, 10 SMA 15’ and Bollinger Band 15’ middle curve. Another stronger support is observed at $71.20: Previous low 4-hour and the Pivot point 1-weel S2. A building bullish momentum from the first support means that Litecoin is likely to stay above $70.00 in the coming sessions today and next 3 -4 days.
On the flipside, it goes without saying that the broken support areas have turned into hurdles for the upward correction. The major resistance at $74.36 will cap gains in the coming sessions today. Litecoin could stay between $75.00 and $70.000in the near-term unless a breakout occurs towards $80.00.