Price Analysis

Litecoin (LTC) Experiences a Pull Back After Hitting $78

Litecoin, at the time of writing, was seen correcting downwards after facing resistance at a 90-day high price $78 and currently trades at $73. The current price trend of LTC against the US Dollar is giving a mixed signal as it projects about the breakdown of the rising wedge which is aiming at support $65. And, on the other hand, it is aiming towards hitting consequent higher highs as it hits above the major resistance at $75, followed by $80.

However, we see the king of cryptocurrencies- Bitcoin, pulling back after a believable rally it created in the past week. Therefore, we believe in having some influence of the same on the altcoin market as well.

Litecoin Price Analysis

Litecoin (LTC) Price News

Litecoin’s 4-hourly movement over the past six weeks happens to form a rising wedge and it currently trades at $73.10. This rising wedge seems to be instigated from the market trading price of $62.9 and currently has a candlestick correcting downwards as it is likely to form the last leg of the wedge.

The major altcoins have been dealing in red since yesterday after Bitcoin corrected downwards with a grounded volatile hit. However, as per the 20-day Bollinger Bands laid we do not foresee volatility at present as there happens to be a moderate band width.

The major question that lies is whether LTC/USD will have a break below the forming wedge or continue the anticipated Bull Run.

Technicals

The intraday dip in the price of Litecoin has left support from the 10-day daily MA and approached to the nearest support at 50-day MA, while, the 200-day MA awaits at $61 if we see the former option turning true.

The MACD of LTC holds a bearish crossover as the signal line overrides the MACD line due to downwards correction below $75.

Similarly, the RSI is also seen sliding downwards at $44.85.

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Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.

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