HomeAltcoin NewsLitecoin Price Technical Analysis – Facing Major Hurdle

Litecoin Price Technical Analysis – Facing Major Hurdle

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Key Highlights

  • Litecoin price is just behaving and trading like Bitcoin price, as after moving down it is consolidating.
  • There are a couple of trend lines formed on the hourly chart with data feed from Bitfinex.
  • If the price moves higher from the current levels, then it may face selling pressure around $3.35-40.

Litecoin price is consolidating in a range and may move higher, but as long as it is below $3.40 sellers may remain in control.

Sell Near Trend Line?

After a decline in Litecoin price, the price stabilized around $3.27 and showing signs of a consolidation pattern. The price already corrected a few points higher, and currently trading near the 23.6% Fib retracement level of the last drop from the $3.49 high to $3.27 low. There is a bearish trend line on the hourly chart with data feed from Bitfinex, which is acting as a hurdle for the bulls and preventing an upside move.

If there is a break above the first bearish trend line, then there is a chance of the price moving towards the second bearish trend line on the same chart. Moreover, traders must also keep an eye on the 50% Fib retracement level of the last drop from the $3.49 high to $3.27 low. The 100 hourly simple moving average is also on the upside waiting patiently to act as a barrier for more gains if the price moves higher.

On the downside, the $3.30-25 levels holds a lot of importance for the price. A break below it may call for more losses that could take it towards $3.10.

Looking at the indicators:

Hourly MACD – The MACD is in the bullish zone, which is a short-term positive sign.

Hourly RSI – The RSI is below the 50 level, which may be a concern for the buyers.

Intraday Support Level (HitBTC) – $3.27

Intraday Resistance Level (HitBTC) – $3.38

 

Charts from Bitfinex; hosted by Trading View

Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

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