LTC/USD stabilizes within the lower Bollinger Band levels

Fibo Quantum

  • Litecoin price hovers around $35 as stability takes center stage in the cryptocurrency market.
  • The Bollinger Band lower curve holds strongly as support above $30.
  • A possible triangle breakout still lags but targets levels at $40 towards $60.

Spot rate: $34.47

Relative change: 0.2382

Percentage change: 0.72%

Trend: Bearish

Volatility: High

Litecoin daily chart

Intriguingly, volatility remains high amid stability not just for Litecoin but the entire cryptocurrency market.

Buyers are doing their best to create and embrace the balance between $30 and $35. This will allow them to channel their journey towards breaking the resistance levels at $40 and $60 respectively.

The MACD shows that bearish pressure cannot be ignored as its influence is still apparent especially with the indicator featuring a bearish divergence.

LTC/USD 1-hour chart

LTC/USD price chart

The RSI exhibits the same signs of stability which could last throughout the Asian session and even the European session unless technical levels make a drastic change.

The 50 SMA is offering immediate support while the 100 SMA is standing in the line of growth slightly above the market value ($34.47).

A tentative breakout from the formed symmetrical triangle breakout could eventually blast Litecoin price into the trajectory targeting $40 and $60 resistance zones.