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

Price Predictions
Fri, 03/29/2019 - 10:01
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Alex Dovbnya
๐Ÿ“š๐Ÿ“ˆ๐Ÿ“‰There are lots of price analyses on Bitcoin or Ethereum. But what about Litecoin?
[LTC/USD] Litecoin Price Analysis: A new Resistance Level or Potential Correction?
Cover image via U.Today

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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.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry โ€” from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. Heโ€™s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.

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