Litecoin (LTC) Continues Uptrend as Bulls Aggressively Defend Support


Key Resistance Levels: $70, $80, $90
Key Support Levels: $50, $30, $10

LTC/USD Price Long-term Trend: Bullish
Yesterday, LTC dropped to $45 low and resumed upward move. The coin has previously rebounded above $44 low which propelled it to reach a high of $50. Unfortunately, the coin was overbought at $50 which resulted in the emergence of sellers. The crypto was in a downward move but has resumed uptrend above $46 support . LTC is in a sideways trend below $50 resistance.

LTC/USD – Daily Chart

Daily Chart Indicators Reading:
The 21-day SMA and 50-day are sloping upward indicating upward move. Litecoin is at level 55 of the Relative Strength Index. The crypto is in the uptrend zone and above the centerline 50. Litecoin is likely to rise but may face resistance at $47.

LTC/USD Medium-term Trend: Bullish
On the 4 hour chart, Litecoin is in an ascending channel. The price is making a series of higher highs and higher lows. The price tested $50 resistance as it dropped to $46 support. The market is rising above the $46 support.

LTC/USD – 4 Hour Chart

4-hour Chart Indicators Reading
The 21-day and 50-day SMAs are sloping upward indicating the upward move. LTC is above 40% range of the daily stochastic. It implies that the price is in a bullish momentum. LTC will resume a downward move if the market falls below the support line.

General Outlook for LTC
Litecoin is currently above $46 support level. On the upside, if the bulls defend the current support, the market is likely to rise to retest the $50 resistance. On the downside, if the bears break below $46, LTC will drop to $43 low. In the meantime, the crypto is consolidating above $46 support.

Note: Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.