LTC price consolidates below $65 amid low buying interest

LTC price analysis confirms that bulls failed to maintain the upward momentum as LTC price encountered a surge in selling pressure near the $68 high. LTC price has seen downward fluctuations over the past 24 hours and is currently consolidating below $65.
Analyzing the daily price chart, Litecoin price is currently experiencing selling activity as it fails to move out of the bearish zone. The price saw low buying confidence near $68 and is currently consolidating below the key $65 level. However, bulls are trying to regain the old momentum by defending the immediate decline. 24-hour trading volume surged to $5.4 million, indicating increased interest in trading activity today. LTC price is currently trading at $64.3, up over 0.05% in the past 24 hours.
The RSI-14 trendline has declined from its previous levels and is currently trading at the 47 level, suggesting that bulls are slowly losing control of the price chart. The SMA-14 level indicates an upward swing in the coming hours.
The 4-hour Litecoin price chart suggests that bears are tightening their grip to keep the altcoin below the EMA20 trendline. Currently, bulls are trying to push the price towards an upward correction to remove the bearish dominance above the moving averages.
The BoP indicator is in bearish territory at 0.38, indicating that sellers are triggering a downward correction. Furthermore, the MACD trendline formed a small red candle below the signal line, and the indicator attempts to build negative momentum, thus strengthening sellers' positions.
The hourly price chart confirms that bulls are generating buying pressure to maintain prices; however, sellers may soon make a comeback. If LTC price maintains momentum above $70.11, it may climb to $86.2. If the bulls fail to initiate a surge, LTC price could fall below the immediate support line at $58.04, which could lead to a pullback to $47.31.
According to forecasts and technical analysis, Litecoin price is expected to fluctuate between a minimum of $92.98 and a maximum of $105.02 in 2023, with an average trading price of $96.27.
(Data source: Shayan Chowdhury)