Litecoin couldn’t avoid the market-wide price correction over the last 24 hours. It also has been through a huge price volatility phase. The current price of LTC has been roaming around $35.
Litecoin Price Analysis
Litecoin has reversed the last week’s progressive price trend, and it was being traded at $38.16 on the opening of yesterday, and over the next 5 hours and 44 minutes, the coin was soared by 3.77% and reached $39.60. After breaching a $39 price mark, LTC started trading downwards, and it marked a 10.93% price correction that deducted $4.33 from the value and pulled Litecoin price down to $35.27 by 20:02 UTC. After that, the currency failed to trade above the previous level of $38. Then, from 21:50 UTC, the currency faced a moderate price drop of 3.31%, and the price touched $35.63.
At the time of writing this analysis, Litecoin was trading at $35.83 without having support from short-term moving averages. The RSI is at 52.32 points after a slight improvement. Though the medium-term outlook seems bullish, we may not witness any significant gain in the short-term. As per the current momentum, LTC price may fall to the support of $34.26 soon. However, if it reverses the trend, the price may test its next resistance at its 50-day MA $35.85.
| Litecoin (LTC) | Resistance and Support levels |
| 1st Resistance | $38.24 |
| 2nd Resistance | $40.85 |
| 3rd Resistance | $42.22 |
| 1st Support | $34.26 |
| 2nd Support | $32.89 |
| 3rd Support | $30.28 |
Credit: Source link
