Litecoin (LTC/USD) settles at $65 support. Who has a chance now?

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  • Litecoin is back at the $65 support level

  • LTC almost entering bearish territory

  • The cryptocurrency needs to recover above key moving averages

Litecoin (LTC/USD) The correction may be over now. In its latest market plunge, the cryptocurrency settled at the expected support of $65. The bulls have now defended this crucial area, suggesting that the recovery could definitely be well underway. But there may be a catch.

2023 is just around the corner. Litecoin is one of the cryptocurrencies that is expected to boom. First as CoinJournal ReportedLitecoin will undergo its third halving event around July 2023. The cryptocurrency showed bullish signs as investors began speculating ahead of the date. Who knows how much of a boom will come from this event? In addition, the bear market could have bottomed out on the same date for all cryptocurrencies.

The point is that the confluence of these positive developments could drive the price of LTC higher. But have the bulls given up so soon as LTC has fallen from the local top at $84? I think not, as the current decline looks like a normal market correction. But the next price action will tell as the outlook is still not very reliable. Here is the price action.

LTC attempts to recover from support, but moving averages provide resistance

LTC/USD chart by TradingView

From a daily technical perspective, LTC bulls are struggling against the $65 support. The price has stabilized at this level.

However, the technical indicators are a bit weak for LTC buyers. The MACD indicator is bearish and trying to move below the neutral zone. The latest decline also saw Litecoin below the moving averages. This is the first time since early November that LTC is trading below the 20-day and 50-day MAs.

Will LTC trade higher or lower?

next trading action of ltc price Depends on market fundamentals. Technically, buyers have to rise above the moving averages to consider the market realistically bullish.

In a possible bearish scenario, LTC may find support at $56. This would invalidate the bullish view and put the bears in control. Investors should watch price action at $65.

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