Litecoin Analysis

Litecoin may have seen a 5% price drop over the past 24 hours but the market is still up by a total of 40% over the past 30 days. The cryptocurrency is now trading at a price of around $46.89 after failing to break above resistance at $50.

Where Is Litecoin ranked?

Litecoin is now ranked in 5th position as it currently holds a $2.84 billion market cap value.

Litecoin Price Analysis

LTC/USD

LTC/USD – MEDIUM TERM – DAILY CHART

https://www.tradingview.com/x/akYzVTcu/
Litecoin Analysis
https://www.tradingview.com/x/akYzVTcu/

What has happened since our last analysis?

Since our last Litecoin analysis, we can see that price action had managed to remain above the short term .382 Fibonacci Retracement level (drawn in green) at $44.18. After bouncing from this support, the market went on to rise but was unable to break above the resistance at the bearish .786 Fibonacci Retracement level (drawn in red) priced at $49.56.

The market had reversed at resistance at $49.56 and has fallen to where it is currently trading around $46.89.

What is the current short term trend?

Litecoin is currently trading within an ascending price channel which indicates the overall bullish nature of the market. However, price action has failed to break above the $50 level which has rendered this market as neutral. If the market breaks below the $44 level we can consider this market as bearish again.

Where are we likely to from here?

If the sellers continue to push price action lower we can expect immediate support below to be located at the short term .382 Fibonacci Retracement level (drawn in green) priced at $44.18 Further support beneath this can be located at the .5 Fibonacci Retracement level (drawn in green) priced at $41.56 followed with more support at $40.

If LTC/USD continues to break below the $40 handle, we can then expect more support to be located at the .618 Fibonacci Retracement level (drawn in green) priced at $38.94.

What if the bulls regain control?

Alternatively, if the buyers regroup and begin to push price action higher, we can expect immediate resistance above to be located at the bearish .786 Fibonacci Retracement level (drawn in red) priced at $49.56. This is followed with more resistance at the $50 level.

More resistance above $50 is at the bearish .886 Fibonacci Retracement level (drawn in red) at $52.99.

Let us continue to analyse price action for Litecoin against Bitcoin.

LTC/BTC

LTC/BTC – MEDIUM TERM – DAILY CHART

Litecoin Analysis
https://www.tradingview.com/x/X2TlhfdH/

What has been going on?

Price action has managed to hold the support at the .236 Fibonacci Retracement level (drawn in green) at 0.01154 BTC. The market has managed to climb higher following our last analysis.

However, Litecoin had failed to climb above resistance at the bearish .5 Fibonacci Retracement level (drawn in red) at 0.01275 BTC. It has since has rolled over and fallen.

What is the current trend?

The market is currently trading in a range between 0.01275 BTC and 0.01154 BTC, rendering the market neutral. If price breaks above the range we can consider the market bullish. If price breaks below the range we can consider the market as bearish.

Where can we go from here?

If the sellers continue to increase their bearish pressure and push LTC/BTC lower, immediate support below lies at the .236 Fibonacci Retracement level (drawn in green) priced at 0.01154 BTC.

Support below this is then expected at the .382 Fibonacci Retracement level (drawn in green) priced at 0.01065 BTC followed by the 0.01 BTC level.

Alternatively, if the buyers regroup and start to push price action higher, we can expect immediate resistance above to be located at the bearish .5 Fibonacci Retracement level (drawn in red) priced at 0.01275 BTC.


If the buyers continue to push LTC/BTC further higher more resistance is then located at the July 2018 high at 0.0135 BTC. This is followed with more resistance at the bearish .618 Fibonacci Retracement level (drawn in red) priced at 0.01415 BTC.

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