In the previous Litecoin price technical analysis Flat Action, we discussed that if Litecoin fails to cross the resistance posed by the level of $3.160, it runs the risk of entering into a range. As can be seen, Litecoin has plummeted 4.44 percent to $2.907 as traders resorted to profit taking near the resistance. Another factor weighing on Litecoin is the weakness in the Bitcoin market. However, the good news is that Bitcoin is now close to its support level of $235. Image: https://www.tradingview.com/x/3dm3Enxh/ Values from the technical indicators overlaid on the daily LTC-USD price chart also suggest that there is an increased probability of the cryptocurrency entering into consolidation phase as both the bulls and the bears fail to get their act together….
Litecoin is holding up fairly well at $2.955 after Bitcoin successfully retested the important support level of $235. The cryptocurrency is up 1.65 percent but it may have entered into a range of $2.500-3.160. My view above is based on the price action and the latest technical indications drawn from the daily LTC-USD price which fail to induce much confidence. Litecoin Chart Structure – Litecoin’s fall was arrested by a swift rise in the price of Bitcoin after it kissed $235. Apart from Bitcoin’s contribution, Litecoin also received good support from the 9-day simple moving average of $2.8840. $3.160 will act as the resistance while $2.500 will act as the support. Moving Average Convergence Divergence – MACD and Signal Line can be seen tracking each other’s gains…
Litecoin has jumped more than 10 percent over the weekend as Bitcoin broke past a crucial resistance level. Now trading at $2.950, Litecoin hit a high of $3.066 before easing a bit. Image: https://www.tradingview.com/x/QeZ6gyMY/ So, will Litecoin head even higher or is this when the rebound fails? Well, it is very hard to say that right now but a clearer picture can definitely be obtained by using some technical indicators and taking cues from the expected Bitcoin price action. Litecoin Chart Structure – The Resistance can be obtained by connecting the tops of Litecoin for the month of August and it is near $3.400. This is also the level at which the cryptocurrency earlier hit a bottom once (marked as the horizontal blue line). Moving Averages – In the previous…
Key Highlights Litecoin price continued to move lower, as there was a lot of bearish pressure and buyers struggled to take the price higher. There is a bearish trend line formed on the hourly chart, which is preventing gains in the near term. Litecoin price traded lower and fell close to $2.40 before finding buyers to protect additional losses. There was a sharp downside reaction this past week, as the price dived towards $2.40. However, there was a nasty reaction noted around the mentioned area, as buyers pushed the price higher. Now, there is a bearish trend line formed on the 4-hours chart, which is preventing gains in the near term. The price recovered and traded above the 23.6% Fib retracement level of the last drop from $3.70-$2.40. 100 SMA and 50% Fib…
Since the last Litecoin price technical analysis Will This Support Hold?, Litecoin has gained $0.067 or 2.45 percent to trade at $2.800. The better part is that Litecoin is currently in a short-term technical pattern which will lead to a big swing in the price. Image: https://www.tradingview.com/x/m0MWaAZQ/ Read on below the latest technical considerations of the daily LTC-USD price chart. Litecoin Chart Structure – Upon a closer look at the price action of the past 6-7 sessions, it can be found that Litecoin has been trading in a small triangle. A triangle, which is a continuation pattern, in a downtrend implies that a bigger downmove can be expected in the coming sessions. Moving Averages – When Litecoin breaks out of the triangle, expect it to test the 200-day…
Litecoin has fallen to $2.677 after a fresh collapse from the short-term support line. The technical indicators are suggesting oversold conditions, but I believe that the cryptocurrency can still lose value in the coming sessions. There is also a slim chance that Litecoin may briefly enter into a very tight range. Image: https://www.tradingview.com/x/0sauX5LP/ Take a look at what the technical indicators are saying about Litecoin. Litecoin Chart Structure – After the tiring sideways consolidation which extended for 9 straight sessions, Litecoin broke down from the short-term support and is seen heading towards the monthly low of $2.500. I am not expecting the selling to abate quickly following this fresh breach. Moving Averages –The 9-day SMA has for long been…