Litecoin (LTC) Eyes $86 Resistance, Bitcoin Dominance Will Guide Next Trend

Litecoin (LTC) appears indecisive as the market awaits a clear direction. Its short-term movement depends on Bitcoin’s performance. The market is watching key support and resistance levels for the next move.

At the time of writing, Litecoin (LTC) is trading at $81.65, with a 24-hour trading volume of $580.27 million and a market capitalization of $6.26 billion. Over the last 24 hours, LTC has seen a modest increase of 0.64%.

Source: CoinMarketCap

Litecoin Price Depends On Bitcoin

A crypto analyst, CRYPTOWZRD, shared insights on the daily chart of the coin, indicating that the coin closed without having any direction. As per the analyst, the direction from the BTC markets will help shape the future of the markets. If the markets go lower than $80, then there may be further losses; otherwise, the doors might open to buy above $86.60.

Source: X

The daily charts for both LTC/USD and LTC/BTC also reflected indecision. It is worth noting that a dragonfly doji was formed in the LTC/BTC chart. This could mean a positive breakout in the near future. This would entirely depend on the dominance levels of Bitcoin in the market.

Litecoin Intraday Price Could Rally

The current status of Litecoin is that it is being traded in a tight range and is close to the support point of $80. A pullback may trigger the price to move towards the $86.60 resistance mark, whereas breaking below $80 may lead the crypto into the bearish trend zone.

With indecision in the market, the next move of the Litecoin market may largely depend on the performance of the Bitcoin market in the coming hours and days.

Also Read | Litecoin Buyers Regain Control as $88 Target Emerges 

Litecoin Weekly Momentum Under Pressure

Litecoin is currently being traded at around $81.67 and is remaining below the MA Ribbon indicator. The MA Ribbon indicates the pattern as 20 SMA ~96.10, 50 SMA ~97.88, 100 SMA ~90.48, and 200 SMA ~83.22. This makes the overall market slightly negative as the price is lower than all the major averages. RSI is currently at 41.94.

Source: TradingView

MACD is also negative, with the MACD line at -2.26 and the signal line at -3.94, both below zero. The histogram colors are also red, indicating that the downward force is in play. The LTC price may fail to form a strong recovery path as long as the MACD is not positive.

Also Read | Litecoin Rally or Dip? LTC Could Soar to $104.94 Soon