LTC Price Analysis: Litecoin Coils Within a Zone, Awaiting Breakout

By Sunil Sharma and Domenic
Published April 22, 2021 Updated April 22, 2021
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LTC Price Analysis: Litecoin Coils Within a Zone, Awaiting Breakout

By Sunil Sharma and Domenic
Published April 22, 2021 Updated April 22, 2021
  • LTC price falls 30% this week
  • Support at $250 has held LTC thus far
  • LTC price must break & hold $276 for try at 2021 high

LTC price had a rough week falling nearly 30% from its high of $333. A recent mining center blackout in China left the cryptocurrency markets in the red the past few days. LTC was not immune to this market fall. Investors have been waiting a break of $333 as LTC has yet to reach its ATH although many other coins have. 

Looking at the last few days of price action, it is evident LTC price is stuck inside a zone. The bulls and bears are fighting it out within the price zone of $250-$276. The chart has been ping ponging awaiting the next direction. Once LTC manages to break and hold one of these key marks, the trend should follow suit. At the time of writing, the 4 HR MA 100 is holding the price up.

LTC Price Analysis: LTCUSD 4 Hour Chart

Chart By TradingView

LTC has been floating above a near 30 day long trend line. The price has bounced off this trend nearly 4 times. If the bulls lose control and this trend breaks, LTC risks a -12% fall to key support zone of $219. In the case that the bears lose steam, LTC must break above $276 and hold to experience a bullish price movement. At the moment it is too hard to pick a direction, the best thing to do is to await a break of either mark to stay unbiased. 

While viewing the Stochastic RSI, we can see that the strength was rejected near the overbought dotted line. The strength must continue upwards & break into overbought to experience a price revival over the major resistance line. The regular RSI has been coiling within an ascending channel. This shows investors uncertainty of the impending move on the Litecoin chart. A break of either side of the channel will result in the according price movement.

LTC intraday levels 

  • Spot rate: $260
  • Trend: Sideways
  • Volatility: Low
  • Support: $250
  • Resistance: $276

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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
Domenic
134 Articles
Domenic Fiore has a love for the financial markets. He decided to skip the college route to pursue entrepreneurship. He saw the vision to become an entrepreneur and wanted to achieve success from a young age. Domenic owned & operated a car detailing business since the age of 16, along with being a part of two CBD businesses through 2018 & 2019. He started his investment and trading career early trading in 2017 when he bought a newly released cryptocurrency alt-coin and saw 10x return in a few months. He then realized there was much potential and dove head first into learning everything he could. He became very passionate about technical analysis and knew it was his route to financial freedom. Over the last 4 years, Domenic has shared his analysis with many groups and received amazing feedback. Shortly after he wanted to help assist in the pursuit of spreading and helping others achieve success in the trading industry.

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