Litecoin (LTC) Pulled Back From Recent Low,Battles $40 Resistance

Updated:

Checkmark

Service for copy trading.

Checkmark

High profitable signals.

Checkmark

24/7 cryptocurrency trading.

Checkmark

10 minute setup with significant benefits.

Checkmark

79% Success rate.

Checkmark

Up to 40 trades per month.

Checkmark

Monthly subscriptions begin at £58.

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

LTC/USD Price Long-term Trend: Bearish
Litecoin slumped to its low at $28 on March 12. After the breakdown, the upward move commenced immediately to a high of $40. The bulls were able to defend the $28 support level but failed to penetrate the $40 resistance. Consequent upon that LTC is trading below $40 resistance. The bulls have earlier attempted to break the resistance level but were repelled on two occasions. Litecoin will move up to $50 if the bulls break the $40 resistance level. A downward move is unlikely as the coin was earlier oversold.

LTC/USD – Daily Chart

Daily Chart Indicators Reading:
Litecoin is above 50% range of the daily stochastic. The bulls are emerging as the coin was earlier oversold. Litecoin is in bullish momentum. The market is expected to move up to the previous highs. LTC is likely to move up if the bulls break the resistance level of the channel.

LTC/USD Medium-term Trend: Bearish
On the 4 hour chart, Litecoin is in a sideways trend.
The price is fluctuating between $28 and $40. The bulls are yet to break the $40 resistance as the coin continues its range-bound movement.

LTC/USD – 4 Hour Chart

4-hour Chart Indicators Reading
The 21-day and 50-day SMAs are sloping horizontally indicating the sideways trend. Litecoin is at level 50 of the Relative Strength Index period 14. This indicates that the market is in equilibrium. Also, it is on par with the centerline 50.

General Outlook for LTC
Litecoin fell to the low of $28 but it is fluctuating between $28 and $40. The upward move has not begun because of the resistance at $40. Traders are to lookout for buy setups so as to initiate long trades.

LTC Trade Signal
Instrument: LTC/USD
Order: Buy
Entry price: $38.55
Stop: $30.00
Target: $60.00

Note: Learn2Trade.com 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

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
Share with other traders!

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.