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Litecoin (LTC/USD) forecast and analysis on April 6, 2018

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Cryptocurrency Litecoin (LTC/USD) is trading at 115.03. Quotes of the cryptocurrency are traded below the moving average with a period of 55, indicating a bearish trend for Litecoin. At the moment, the quotes of the cryptocurrency are moving near the lower border of the Bollinger Bands indicator bars. A test of level 122.50 is expected, from which one should expect an attempt to continue falling and further development of a downward trend with a target near the level of 98.50.

Litecoin (LTC/USD) forecast and analysis on April 6, 2018

Litecoin (LTC/USD) forecast and analysis on April 6, 2018

The conservative sales area for Litecoin is near the upper boundary of the Bollinger Bands indicator bars at 134.20. The abolition of the continuation of the fall of the LTC/USD pair will be the breakdown of the upper range of the Bollinger Bands indicator bands, as well as the moving average with a period of 55 and the closing of the pair quotations above the area of ​​140.50, indicating a change in the bullish trend for Litecoin. In the event of a breakdown of the lower boundary of the bands of the Bollinger Bands indicator, it is expected to accelerate the fall.

Litecoin

Litecoin entering dangerous territory as slump could mean the dawn of the Death Cross

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Litecoin’s post-halving slump should be met with concern. The fifth-largest cryptocurrency in the market has been in a slump since the beginning of the month, with many dismissing it as simply the halving bears. However, the digital silver is now entering dangerous territory.

Since topping out at $144 during the close of June, the price has been in a free fall. At press time, Litecoin was trading below $75, a whopping 47.91 percent below its yearly high. This price depreciation did not happen suddenly, but in gradual phases.

At first, the price dropped by 15.76 percent between June 26-27, following which the price fell by another 27.31 percent between July 9-14. Between 21-24 July, the price dropped by another 10.39 percent and then finally, between 12-15 August, the price dropped by 16 percent and took the price below $80 for the first time since early May.

DAILY CHART

Looking at the daily chart, Litecoin is forming a falling wedge. The top of the same is structured via lower and lower highs, seen at $133, $123, $98, $89 and finally, $77. Barring one (immediately rectified) drop from $90 t0 $79 seen on July 16-17, LTC has been experiencing lower lows as well. Based on the daily chart, the same are placed at $118, $102, $89, $83, and $75.

The falling wedge is accompanied by a decrease in volume. If the breakout is likely to materialize, it has to be accompanied by investor interest via an uptick in volume. The digital silver is dangerously close to dropping below its key support level of $72.69, as the current price is just below $74. If this does break, the wedge will no doubt prolong itself, and the next support level that will be tested will be $66.34.

In the short-term, resistance is placed at $77, which will definitely be tested if the wedge sees a breakout. Further, the next resistance levels that will be tested are $90 and $101, but the same is unlikely given the peevish movement of Litecoin at press time.

DANGEROUS WATERS

The severely slumping price of Litecoin has been understated. Over the past two months, with LTC dropping by close to 50 percent in value, the coin has dipped below its 50, 100, 150, and 200-day moving averages. The last of the four was witnessed less than 10 days ago, on 14 August, as the price dropped by 10.27% over the day.

Back in May 2018, when LTC was priced at over $160, it slipped below the 200-day moving average. Since then, the price has dropped by 72 percent before moving over the indicator. A move over the same further pushed the coin up by 227 percent to $145 in June 2019. Hence, this indicator bears importance.

Further, the 50-day moving average is also, unsurprisingly, in a slump. If this bearish slump continues, to the degree which it is, the 50-day MA could dip below the 200-day MA, resulting in a death cross for Litecoin and thereby spelling a considerable time with the bears. The two indicators crossed over last on 15 March, when the 50-day MA moved above the 200-day MA. This resulted in a golden cross for digital silver. At the time, LTC was trading at $44.

It should be noted that Litecoin’s MACD indicator has signaled a move up as the MACD line shot above the Signal line on 23 August. Further, the histograms have turned positive for the first time since early August, indicating a mild move upwards.

FINISHING UP

A move out of the falling wedge would result in an immediate test of the $77 resistance level. However, this does rely on the volume moving upwards, as well as the MACD-over-Signal line scenario holding up for a while. On the other side, if the bears continue to maul the LTC market, the cryptocurrency could be in the perils of a death cross, which would signal a price slump for several weeks, if not months.

Source:ambcrypto

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Litecoin price analysis: LTC/USD ignites momentum towards $100

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  • Litecoin bulls intensify their grip in the market; all eyes set on $80 short-term resistance and $100 ultimate resistance.
  • Technically, the short-term analysis signals a bearish momentum.

If Litecoin continues with the current price action within the ascending channel, achieving $100 in the following week is almost a guarantee. At press time, LTC/USD is trading above the moving averages. Which suggests that buying influence is gaining traction. Moreover, the 50 Simple Moving Average (SMA) 1-hour has crossed above the 100 SMA 1-hour to show buyers have the upper hand.

Technically, the short-term analysis signals a bearish momentum. The Moving Average Convergence Divergence (MACD) is heading is still holding ground in the positive area. However, the negative divergence points towards increasing selling activity.

On the upside, the 21 Exponential Moving Average (EMA) is standing in the way of upward correction at $74.63. If the buyers manage to clear the resistance, there is a higher chance that LTC will trend towards $80 in this weekend session.

The immediate support is seen at $74 (moving average double-cross). In the event, a reversal occurs and the channel support is broken, bulls can anticipate support at $73, and $70 respectively.

LTC/USD 1-hour chart

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Litecoin technical analysis: LTC/USD went down from $75.65 to $75.15 this Saturday

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  • LTC/USD has found resistance on the downward trending line.
  • The hourly LTC/USD price is currently trending horizontally.

LTC/USD daily chart

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Following a bullish Friday, LTC/USD managed to have a bearish start to Saturday. This Friday, the price of LTC/USD went up from $73.50 to $75.65. Litecoin has gone down to 75.15 so far this Saturday and is facing resistance from the downward trending line. The price is trending below the 200-day simple moving average (SMA 200), SMA 50 and SMA 20 curves. The moving average convergence/divergence (MACD) indicator shows a reversal of market momentum from bearish to bullish.

LTC/USD 4-hour chart

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The 4-hour LTC/USD price is consolidating in a flag formation. The price is trending above the SMA 50 and SMA 20 curves and is below the SMA 200 curve. The 20-day Bollinger jaw is widening a little bit, which hints at increasing market volatility. The Elliott oscillator has had four straight bullish sessions.

LTC/USD hourly chart

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The hourly LTC/USD is trending horizontally around the $75.25 resistance line. The price has spiked above the green Ichimoku cloud. The relative strength index (RSI) indicator was trending right next to the overbought zone and then dipped down to 61.

Key Levels

LTC/USD

OVERVIEW
Today last price75.14
Today Daily Change-0.3854
Today Daily Change %-0.51
Today daily open75.5254
TRENDS
Daily SMA2082.1848
Daily SMA5092.4926
Daily SMA100105.1278
Daily SMA20084.6756
LEVELS
Previous Daily High76.0343
Previous Daily Low72.5179
Previous Weekly High79.0884
Previous Weekly Low70.0674
Previous Monthly High127.2049
Previous Monthly Low76.4679
Daily Fibonacci 38.2%74.691
Daily Fibonacci 61.8%73.8611
Daily Pivot Point S173.3508
Daily Pivot Point S271.1762
Daily Pivot Point S369.8344
Daily Pivot Point R176.8671
Daily Pivot Point R278.2089
Daily Pivot Point R380.3835

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