Categories: Price Analysis

Litecoin Price Breached 15-Month Resistance while Lost 20% in 2 Days

Litecoin’s Recent Price Summary

Litecoin, one of the oldest cryptos amongst the top 10 of the global market was seen spurring at the onset of the week when it just leaped to a position above Bitcoin Cash based on market capital. While LTC leaped above BCH, the former was seen breaching a 15-month resistance, trading a Dollar below $95 at $94 from where it collapsed gradually to trade as low as $74, losing over 20% in 2 days. 

It was in the early half of the ongoing year when LTC faced a stringent resistance at $84 and failed to cross above. However, the recent momentum led to a better market momentum in comparative to the previous one after which the coin faced a complete flattish movement. 

LTC/USD Chart By TradingView

Litecoin Price Analysis

Litecoin, at the time of penning down this analysis, was seen trading at $74, losing over 20% in 2 days after having hit a YTD high and breaching 15-month long resistance, when it last crossed above $90 in July 2019. With gain in momentum, the LTC/USD price trend started hitting the upper 20-day Bollinger Band on the daily chart in October mid-week. 

Alongside, the coin is retaining complete support from 50-day and 200-day daily MAs at $55.9 and $51.6, respectively. As the price strengthened, the 20-day Bollinger Bands are seen widening which may lead to expanding volatility in the near-term.

On the daily MACD chart, the MACD line is seen intersecting the signal line after 20% loss in 2 days from $94 to $74, while the RSI is also seen pulling back from the overbought zone to currently lying at 53.48.

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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