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

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

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