Litecoin Price Technical Analysis – Tight Consolidation! – The Basics about Cryptocurrency

  • Litecoin price is consolidating tightly on its 1-hour time frame, finding resistance at 3.320 and testing support at 3.215.
  • Further consolidation might be likely, as technical indicators are barely offering strong directional clues at the moment.

A downside break from the current range of litecoin price could lead to a move down to the next floor at 3.150.

Two Ranges Present

Litecoin price appears to be pressing down on the bottom of the range, as it has formed lower highs since late last week. This suggests that bearish momentum is building up and sellers are getting ready for a downside break.

If that happens, price could move to the next support at the 3.150 area and turn the broken support at 3.215 into resistance. From there, more sideways price action could be seen unless the pair picks a specific direction.

The moving averages have been oscillating but the 100 SMA is currently above the 200 SMA, which suggests that support might still hold. If so, a move towards the range resistance might take place. Stronger buying pressure might even lead to an upside breakout and more gains.

Intraday support level – 3.215

Intraday resistance level – 3.320

Charts from TradingView