Litecoin LTC (LTC), has been fluctuating in a channel that is against Tether USDT (USDT) while it attempts to break from this trend. Despite the shift in market trends in recent weeks, Litecoin LTC’s price has not seen much movement. Many altcoins rose and have produced double digit gains. Data from Binance
Litecoin (LTC), Price Analysis on The Weekly Chart
From the chart, the price of LTC saw a weekly low of $45, which bounced from that area and rallied to a price of $56; considering its all-time high of over $200, this isn’t much of a movement.
LTC’s weekly candle closed with a bearish sentiment, with the new week’s candle looking indecisive, showing signs of indecision on the part of traders.
As it tries to move out of the $50-60 price bracket, the price is struggling to gain momentum.
LTC could return to $45. This would be support for LTC and its weekly low. LTC should maintain this support zone in order to not fall below its price.
Weekly resistance for the price of LTC – $60.
Weekly support for the price of LTC – $50, $45.
LTC Prices on the Daily (1D), Chart
LTC’s price could rise if there are more buy orders. A channel has formed a range and LTC prices may break. LTC breakouts would indicate a stronger uptrend.
LTC’s bullish sentiment must be confirmed by the price breaking out above the range channel and forming support with volume.
LTC prices have shown some bullish patterns; if the bulls come in, LTC may trend higher towards $80.
LTC trades currently at $56, below the 50-exponential moving average (EMA), that corresponds to $58.
The Relative Strength Index for LTC price is shown on the daily chart at above 40. This indicates that there are minimal buy orders.
Daily (1D) resistance for LTC price – $60.
Daily (1D) support for LTC price – $50, $45.
LTC Prices on the Four-Hourly (four hours) Chart
LTC continues to trade below the 50 and $200 EMA prices. These correspond to $58/$56 respectively and act as resistance to LTC price.
LTC has to surpass the 50 and 200 EMA in order to be considered bullish. LTC will need to hold the prices above $58 or $56 to become a resistance level. The $50 support levels may also need to be retested.
Four-Hourly (4H) resistance for LTC price – $58, $56.
Four-Hourly (4H) support for LTC price – $50.
Featured image from CMC Markets. Charts from TradingView.com