LTC Price Analysis: Litecoin Price Gets Rejected At 3 Month Trend Line

By Sunil Sharma
Published April 18, 2021 Updated April 18, 2021
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ltc price Analysis
ltc price Analysis

LTC Price Analysis: Litecoin Price Gets Rejected At 3 Month Trend Line

By Sunil Sharma
Published April 18, 2021 Updated April 18, 2021
  • LTC price hits 3 year high
  • LTC Price has rejected at 3 month trend line
  • Key support & resistance to hold is $303

LTC holders have been waiting patiently for the currency to show strides this bull run and it has began to perform. LTC was up nearly 60% in the last two weeks, hitting a high of $333. This price surge lost steam as the price of LTC attempted to break its 3 month trend line.

LTC Price Analysis: Daily Chart

ltc price Analysis
ltc price Analysis

On the daily chart, we can see LTC has been moving within a 90 day channel. The price has bounced off the bottom of the channel 3 times as well as the top of the channel. Each time LTC experiences a bounce on this channel, the price moves in the bouncing direction for at least a week. This could signal LTC may reach lows of $230-$250 in the near future.

The key resistance for LTC to break hold is $303. If the bulls manage to hold this level, LTC may have a shot at its all time high of $420. At the time of writing, the important level to watch is $280 as the bulls must manage to hold this level in attempt of continuing this bullish trend. If the bears continue control and the $280 support fails to hold, expect a drop to the $250 range.

Looking at the Stochastic RSI, we can conclude the strength was pushed to its limits the last 5 days. Two rejections at the top value in overbought conditions would usually indicate a reset to lower levels. The regular RSI also can confirm this view as the strength was rejected in overbought conditions. LTC is considered bearish until $303 is broken.

LTC price intraday levels

  • Spot rate: $286
  • Trend: Bullish
  • Volatility: High
  • Support: $280
  • Resistance: $303

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Sunil Sharma
287 Articles
Sunil is a serial entrepreneur and has been working in blockchain and cryptocurrency space for 2 years now. Previously he co-founded Govt. of India supported startup InThinks and is currently Chief Editor at Coingape and CEO at SquadX, a fintech startup. He has published more than 100 articles on cryptocurrency and blockchain and has assisted a number of ICO's in their success. He has co-designed blockchain development industrial training and has hosted many interviews in past. Follow him on Twitter at @sharmasunil8114 and reach out to him at sunil (at) coingape.com

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