LTC’s Price May Be Taking a Brief Break Before Another Leg Up

• Litecoin’s price is down 2% at press time.
• The daily chart for LTC remains bullish as the altcoin’s price consolidates.
• There may be another leg up for LTC’s price at the beginning of the week.

The price of Litecoin (LTC) has fallen 2% over the last 24 hours according to the crypto market tracking website, CoinMarketCap. At press time, the price of LTC stands at $76.77. This means that it has also weakened against the two crypto market leaders, Bitcoin (BTC) and Ethereum (ETH), by 1.79% and 1.77% respectively.

Trading volume for the altcoin has also dropped over the last 24 hours and now stands at $660,987,348. This is 24.80% lower than what it was yesterday.

The price of LTC has broken past the resistance level at $64.21 before breaking above the next level at $70.72. It now finds itself trading in a consolidation channel between $70.72 and $78.78.

LTC’s daily chart remains bullish with the daily 9 EMA positioned above the daily 20 EMA. In addition, the 9 EMA line is also positively breaking away from the 20 EMA line. This suggests that the bullishness for the altcoin may continue.

This bullish thesis will be confirmed if LTC’s price is able to break above the next resistance level at $79.40 at the beginning of this week. Should it fail to do so, then the altcoin’s price may drop to rest on the recently-turned support level at $70.72.

The daily RSI also suggests that the bullish trend for LTC will continue as the daily RSI line is positioned above the daily RSI SMA. Furthermore, the daily RSI is also sloped positively towards overbought territory.

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