[LTC/USD] Litecoin Price Analysis: A new Resistance Level or Potential Correction?

  • Alex Morris
    πŸ“ˆ Price Predictions

     

    If Bitcoin is called β€œdigital gold”, then Litecoin is a β€œsilver coin”. For a long period of time, LTC was the 3rd most popular cryptocurrency. Despite the fact that its price dropped several times, it remains one of the most liquid assets. We conducted a technical analysis of Litecoin and predicted its rate for the near future


[LTC/USD] Litecoin Price Analysis: A new Resistance Level or Potential Correction?

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

 

Yesterday, the Litecoin price started falling and stopped at $61.53. Today, the coin rebounded to
$61.681, where it is still trading.

Indicators formed a signal for a price reduction. It is believed that the trading pair may continue to roll back to support 78.6% Fibo (59.31 USD). If this Fibonacci level deploys the price, the next attempt to re-test the resistance of $62.00 will be more successful and allow it to set a new annual maximum in the area of $64.00.

From a technical point of view, for trading, one needs to see price fixing above $62.

LTC/USD

LTC/USD chart by tradingview

LTC/USD chart by TradingView

Furthermore, there is an issue with trading volumes, as they are very low. Growth not supported by volume usually leads to a deep pullback, while the behavior of the coin makes you think about a possible revision of the view on this tool within a longer time period.

At the same time, you should not forget that for a long time Litecoin felt better than the whole cryptocurrency market, and now the price is near the highs.

The price of LTC is trading at $61.084 at the time of the writing.

Cover image via u.today
Only the most important posts per day. Infographics, analytics, reviews & summaries. Follow us on Facebook!
πŸ‘“ Recommended articles