Litecoin (LTC) Surges Higher Amid Sleepy Market

24 December 2019 | Updated: 24 December 2019

Key Resistance Levels: $70, $80, $90

Key Support Levels: $50, $30, $10

 

LTC/USD Price Long-term Trend: Bearish
Litecoin is in a bear market as the coin recovered from its last bearish move. On December 18, the coin sank to the low of $36 and moved up. LTC moves up to the high of $43 and faces another selling pressure. Litecoin fell to $40 low and it is moving up again. On the upside, a break above the $43 will drive the coin to the high of $50. Meanwhile, if the bulls fail to break the current resistance, the coin will resume its fluctuations below it.

LTC/USD - Daily Chart

Daily Chart Indicators Reading:
The stochastic indicator is above 50% range. This implies that Litecoin is in a bullish momentum. The coin is expected to rise to the previous highs. Nevertheless, if the bulls break above the 21-day and 50-day SMAs, LTC will resume its uptrend move.

LTC/USD Medium-term bias: Bearish
On the 4-hour chart, the bears broke the $43 support and slumped to another low of $36. The current low was well supported as the coin moves up to retest the $43. After the retest, the coin fell to another low to resume another bullish move.

LTC/USD - 4 Hour Chart

4-hour Chart Indicators Reading
The 21-day and 50-day SMAs are trending upward indicating that price is rising. The Relative Strength Index period 14 level 50 is  indicating that price is approaching the bullish trend zone. On the upside, if price breaks and closes above the resistance line, LTC will reach a high of $50. On the downside, LTC will fall again if the support line is broken.

General Outlook for LTC
Litecoin is still in the bearish trend zone despite the bullish move to the previous highs. The buying power is weak at the lower price levels. However, if the current bullish momentum is sustained, Litecoin will rise to the previous highs. Meanwhile, the breaking of the $43 resistance level will determine the coin upward move.

LTC Trade Signal
Instrument: LTC/USD
Order: Buy
Entry price: $41
Stop: $30
Target: $50

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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.