Litecoin Bounces From Lower Boundary Of Price Channel

Fibo Quantum

  • Litecoin saw a small 2% price increase over the past 24 hours to bring the price back above $70.
  • The cryptocurrency managed to find strong support at $67.50 which prevented the market from slipping lower.

Litecoin saw a small 2% rebound today after suffering a heavy price decrease of around 12% this past week. The cryptocurrency has finally climbed back above $70 after managing to find support at around $67.50.

Advertisement


Litecoin is now ranked in the 7th position as it presently holds a market cap value of around $4.61 billion.

Litecoin Price Analysis

LTC/USD – Daily CHART – SHORT TERM

Market Overview

Since my last Litecoin analysis, Litecoin continued to find support around the $67.50 area, preventing the market from dropping lower. The cryptocurrency is now attempting a rebound higher.

It also managed to find support at the lower boundary of the ascending price channel we have been following, further adding to the support in the area.

Short term prediction: BULLISH

The support at $67 held pretty strong, thanks to the rising price channel, and therefore we can consider Litecoin within the bullish trend still. It would need to collapse beneath $67 before turning neutral again.

If the bulls can continue to push above $71, the first level of strong resistance is expected at $76.72, provided by a bearish .382 Fibonacci Retracement level. Above this, resistance lies at $80 and $83.05. 

If the buyers can create a fresh 2020 high above $83, resistance lies at $86 (1.272 Fib Extension), $89.28 (bearish .5 Fib Retracement), and $95.55 (1.618 Fib Extension).

On the other hand, if the sellers push lower, the first level of support is expected at the lower boundary of the price channel. Beneath this, the $67.50 level should provide strong support. If they continue lower, additional support lies at $63.57 (.618 Fib Retracement) and the 200-days EMA.

The RSI recently slipped beneath the 50 level, but the bulls are trying to bring the market back above. For a bounce higher, we need to wait for the RSI to break back above 50 to show that the bulls are back in control over the market momentum.

Key Levels

Support: $67.50, $64.59, $61.33, $60
Resistance: $76.72, $78.44, $80, $83, $86, $89.28, $90

Summary

Litecoin Bounces From Lower Boundary Of Price Channel - Are We Pushing Higher?

Article Name

Litecoin Bounces From Lower Boundary Of Price Channel – Are We Pushing Higher?

Description

Litecoin saw a small 2% price increase over the past 24 hours to bring the price back above $70.
The cryptocurrency managed to find strong support at $67.50 which prevented the market from slipping lower.

Author

Yaz Sheikh

Publisher Name

Coin Gape

Publisher Logo

Coingape is committed to following the highest standards of journalism, and therefore, it abides by a strict editorial policy. While CoinGape takes all the measures to ensure that the facts presented in its news articles are accurate.

Disclaimer
The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.



Share on Facebook



Share on Twitter



Share on Linkedin



Share on Telegram