Connect with us

Litecoin

Litecoin price redefines momentum, as LTC approaches an impressive milestone

Published

on

  • Litecoin price triggers a falling wedge pattern, leading to a 33% gain over nine consecutive up days.
  • LTC now illustrates a double bottom pattern, but heavy resistance may prevent a successful breakout.
  • 2019 high of $146.00 resurfaces, raising doubts of the rally sustainability, despite impulsive rebound.

Litecoin price confirms breakout from the governing falling wedge pattern on July 25, marking a turning point for the altcoin and introducing new technical challenges. If the obstacles are overcome, the double bottom pattern projects a 30% gain for LTC in the weeks ahead.

Litecoin price to correct before engaging trifecta of resistance

Litecoin price may close today with nine consecutive up days, marking the first nine-day gain since 2017 and, as a result, establishing confidence in rally sustainability as LTC approaches a trifecta of resistance.

The origination of the rally coincided with a test of the 78.6% Fibonacci extension of the 2020-2021 advance at $108.23 and an oversold reading on the daily Relative Strength Index (RSI) on July 20.

The emerging trifecta of resistance includes the 50-day simple moving average (SMA) at $138.20, the 50-week SMA at $141.51 and the 2019 high of $146.00. The levels are now gaining relevance as Litecoin price battles the 50-day SMA. Moreover, the barrier formed by the three levels stands before the LTC double bottom trigger at $149.27.

Advertisement

Based on the run of nine consecutive up days and a gain of 30% in that period, combined with superior resistance, Litecoin price is highly likely to enter some form of corrective process. The corrective process could carry LTC to the upper line of the falling wedge at $119.80, leading to a 15% loss from the current price.

Any weakness below the trend line will suggest the rebound was a dead cat bounce and will invite a test of the 78.6% retracement level at $108.23. A failure at the retracement level exposes Litecoin price to a drop to the lower line of the falling wedge pattern, currently at $92.00.

LTC/USD daily chart

Advertisement

Suppose the corrective process holds the wedge’s upper line. In that case, Litecoin price will have released the price compression generated by the initial rebound and positioned LTC for a successful breakthrough of the trifecta of resistance, and triggering the double bottom pattern framed by the June and July lows.

The measured move of the double bottom pattern is 30% from $149.26, indicating a profit target of $194.04. The profit target lies just above the 200-day SMA at $191.13.

The falling wedge signaled waning momentum to the downside. Litecoin price capitalized on the oversold condition to break out from the pattern and record nine consecutive days. Now, LTC needs to pause, but the foundation and momentum have been established to propel the digital asset through the double bottom trigger.

Advertisement

News Source

Litecoin

Litecoin Price Analysis: LTC swiftly retests $145 for the third time, reversal to follow next week?

Published

on

  • Litecoin price analysis is bullish for today.
  • LTC/USD saw support at $145 for the third time this week.
  • Bulls currently reject further downside.

Litecoin price analysis is bullish today as the market found support at the $145 mark again this morning. Therefore, we expect a reversal to follow for LTC/USD today, with the $165 resistance as the next target.

Litecoin Price Analysis: LTC swiftly retests $145 for the third time, reversal to follow next week? 1
Cryptocurrency heat map. Source: Coin360

The overall market traded in the red over the last 24 hours, despite the market leader, Bitcoin, gaining 0.17 percent. Ethereum is down by 0.35 percent, with the rest of the top altcoin experiencing an even bigger loss.

Litecoin price movement in the last 24 hours: Litecoin spikes to $145, starts to trade higher

LTC/USD traded in a range of $142.55 – $155.21, indicating strong volatility over the last 24 hours. Trading volume has declined by 11.85 percent and totals $2.94 billion, while the total market cap trades around $9.87 billion, ranking the coin in 16th place overall.

LTC/USD 4-hour chart: LTC looks to move higher?

On the 4-hour chart, we can see the Litecoin price action starting to move higher again this morning, indicating further upside to follow.

Litecoin Price Analysis: LTC retests $145 for the third time, reversal to follow next week?
LTC/USD 4-hour chart. Source: TradingView

Litecoin price action saw bearish momentum return this week. After a strong drop to $170 earlier this month, we saw a several-day consolidation for LTC/USD.

Last week, LTC also set a lower high below $195, from which another strong decline began. On Monday, Litecoin price found support around the $145 mark, after a drop of 25 percent.

Advertisement

What followed was a reaction to the upside, with resistance found at $165. From there, LTC/USD spiked lower again on Friday, retesting the support. Since bears could not push the market below the support earlier today again, we assume that bears are exhausted overall, and the market is ready to reverse.

Litecoin Price Analysis: Conclusion 

Litecoin price analysis is bullish today as the $145 support prevented further downside again, and bulls have returned over the past hours. Therefore, we expect LTC/USD to move higher over the next 24 hours and look to return above the $165 resistance.

While waiting for Litecoin to move further, read our guides on Decentralized Exchanges, NFT Crypto, as well as Bitcoin Memes.

Advertisement

News Source

Continue Reading

Litecoin

Litecoin Forecast and Analysis September 27 — October 1, 2021

Published

on

Litecoin LTC/USD ends the trading week at 159.89 and continues to move within the downward correction and the bullish channel. Moving averages indicate a bullish trend. Prices broke through the area between the signal lines down. This indicates pressure from sellers of the digital asset and a potential continuation of the decline in the Litecoin rate in the current trading week. At the moment, we should expect an attempt to develop a price decline and a test of the support area near the level of 125.05. Where can we expect a rebound again and an attempt to raise the value of Litecoin with a potential target above the level of 305.05.

Litecoin Forecast and Analysis September 27 — October 1, 2021

An additional signal in favor of raising the LTC/USD quotes in the current trading week September 27 — October 1, 2021 will be a test of the support line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the bullish channel. Cancellation of the growth option for the Litecoin digital asset will be a fall in price and a breakdown of the 95.05 area. This will indicate a breakdown of support and a continued fall in the LTC/USD rate below the level of 45.05. Confirmation of the rise in the cryptocurrency will be the breakdown of the resistance area and the closing of quotations above the level of 245.05.

Litecoin Forecast and Analysis September 27 — October 1, 2021

Litecoin Forecast and Analysis September 27 — October 1, 2021 implies an attempt to test the support area near the level of 125.05. Then, continued growth to the area above the level of 305.05. An additional signal in favor of Litecoin’s rise will be a test of the trend line on the relative strength index (RSI). Cancellation of the growth option will be a fall and a breakdown of the 95.05 area. This will indicate a continued decline in cryptocurrency with a target below 45.05.

News Source

Advertisement
Continue Reading

Litecoin

Litecoin: These signals lend more credence to a bearish trend as opposed to a rally

Published

on

September has been full of mini-crashes in the cryptocurrency market. While some alts have overcome several waves of selling pressure, others have struggled to regain lost ground. Litecoin was somewhere in between. The alt trimmed its losses at a support line of $145, recovered by 14% but was still below levels of bullish control.

To assert its dominance, LTC needed to close above certain key levels. However, the market aligned more favorably for sellers, who were ready to ramp up the pressure. At the time of writing, LTC traded at $151.4, up by 4% over the last 24 hours.

LTC Daily Chart

Source: LTC/USD, TradingView

LTC’s support around $145 has been key ever since the 19 May crash. This defensive area prevented multiple breakdown attempts in early-June and transitioned to a daunting resistance during July. The region was once again under the spotlight after LTC declined by 24% over the past week. This was certainly a positive sign as a strong support mark quelled yet another round of selling pressure.

However, LTC needed to claw back some important levels to attract more buyers to the market. The most immediate barrier lay at $165, from where the confluence of the 50 and 20 SMA’s would be targeted. The final resistance lay at the 200-SMA (green) around the $190-mark. A successful close above the aforementioned areas would put buyers back in the driving seat, which would allow for a push above $233.

Advertisement

However, this structure would be lost in case LTC closes below $145 on strong volumes. The price could drop as low as $103.7 if selling pressure overwhelms the buyers. Moreover, the indicators backed an unfavorable prediction after slipping below crucial areas.

Reasoning 

For the moment, LTC indicators aligned more favorably for sellers than buyers. The MACD and Awesome Oscillator weakened below their half-lines and exposed the market to short-selling. Moreover, the candles were now below their EMA Ribbons- a reading which normally marks the beginning of a bearish trend. If buyers fail to adapt immediately, LTC was greatly exposed to another sell-off.

Advertisement

Conclusion 

Considering LTC’s indicators, its support of $145 would be under immense pressure once again. A close below this defense would open the doors to July lows of $134.8, $118.5 and even $103.7. For a bullish outcome, LTC would need to topple $165. This would carve a path towards $233.

News Source

Advertisement
Continue Reading

Trending