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As of February 24th, the top 10 coins are in the red zone, according to CoinMarketCap, with Litecoin (LTC) being no exception. As of press time, LTC is trading at $111.85.
An hourly analysis suggests that the price of LTC has fallen by 9% over the last 24 hours. In terms of its immediate chart action, the rate of LTC seems to be stuck in a local channel between the support at $106.08 and the resistance at $117.32.
Furthermore, it is noted that the daily ATR has largely been exhausted, indicating low chances of sharp price movements in the near future. This observation is supported by an hourly chart analysis, which reveals the formation of a neutral region that can lead to local consolidation or correction.
Looking ahead, traders are advised to pay attention to the nearby $111.33 level as a false breakout could potentially trigger a temporary bounce towards the $115-$120 range. However, it’s important to note that this scenario remains uncertain and requires confirmation before traders should act on it.
On a more macro scale, neither buyers nor sellers seem to be dominant, resulting in a stalemate. Therefore, our primary focus will shift towards the critical zone of $100. If this point is breached, there is a likelihood that the support at $91.62 could come into play sooner rather than later.
For now, the LTC market appears uncertain and difficult to predict with precision.
Source: https://u.today/litecoin-ltc-price-prediction-for-february-25
