- Litecoin saw a 2% price increase over the past 24 hours of trading as the cryptocurrency reaches $46.
- The coin recently rebounded from strong support at a rising support trend line.
Litecoin saw a 2% price rise over the past 24 hours of trading as the cryptocurrency bounces from $44.62 to reach $46. The coin had rebounded from a rising support trend line which prevented Litecoin from unwinding further beneath $44.60.
The momentum has now shifted back into the bullish favor especially with the RSI rebounding from the 50 line to show that the buyers are unwilling to give up their control of the market momentum just yet.
Litecoin Price Analysis
LTC/USD – Daily CHART – SHORT TERM
Analyzing the daily chart above, we can see that LTC had slipped beneath the 100-days at the start of the month after rolling over from the resistance at $49.33 (1.272 Fib Extension level). The coin continued to drop until recently hitting the support at $44.60 which was further bolstered by a rising support trend line.
Each time LTC reached this trend line the buyers managed to step back in to prevent the market from slipping further lower. This latest rebound should allow LTC to push higher and re-test the $50 level again.
Short term prediction: NEUTRAL
LTC still remains neutral and LTC would need to rise above $49.33 to turn bullish again. If the sellers push the market beneath the rising support trend line then we can consider the market as bearish in the short term.
Toward the upside, the first level of resistance lies at $47.70 which is provided by a bearish .382 Fib Retracement. This is followed immediately with resistance at the 100-day EMA. Above the 100-day EMA, resistance lies at $49.33 (1.272 Fib Extension), $50, and $52.04 (1.414 Fib Extension).
If the sellers push beneath the trend line, we can expect support to be located at $43 and $41.14 (.382 Fib Retracement). Beneath this, support lies at $40 and $38.09 (.5 Fib Retracement).
Support: $44.60, $43, $41.14, $40, $38.09.
Resistance: $47.70, $49.33, $50, $52.
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Yaz is a cryptocurrency technical analyst and has been actively trading financial markets for over 7years, with 4 years of crypto experience. He is an Economics graduate who has taken a keen interest on the future potentials of blockchain in the financial industry. Aside from cryptocurrency and trading Yaz enjoys spending his time watching his favourite football team (Liverpool F.C.) compete as well as keeping up-to-date with the UFC. Follow him at @TcmYaz.