Investors Are Optimistic as Price Movement on Litecoin (LTC) Becomes Interesting

Key Resistance levels: $90, $100, $110
Key Support Levels: $50, $40, $30

LTC/USD Long-term bias: Bullish
Litecoin tested the $50 support level in September and rebounded. The bears came again and tested the same support in October and rebounded. The support level is holding as the coin commences a bullish move. In November, the coin’s bullish move has been hampered by the resistance at $64. The bulls have tested the resistance twice but could not breakthrough. We expect a breakout at this resistance.

A breakout will push LTC to a high of $80. Likewise, another movement will propel the price to reach the $100 price level. However, it may not work out easily for the bulls. If the bulls fail to overcome the resistance, the price will retrace and retest the resistance level. On the other hand, the coin will fall and retest the $50 support level.

LTC/USD-Daily Chart

Daily Chart Indicators Reading:
Presently, Litecoin is in the overbought region but below the 80% range of the stochastic. This implies that the coin is in a bearish momentum. The LTC has a bullish crossover which means the coin will rise. Besides, the price breaks the downtrend line which also indicates that the selling pressure may have ended. This has been confirmed by the Fibonacci tool that the market will fall and reverse at the 1.272 extension level.

LTCUSD Medium-term bias: Bullish
On the 4- hour chart, Litecoin had its bearish impulse on September 24 and consolidated above the $52 support level. After a month of consolidation, the price fell again and found support at the $50 price level. The new support was held as price resumed a bullish movement to the previous highs. The upward move was interrupted as the price tested the $64 price level .

LTC/USD-4-Hour Chart

4-hour Chart Indicators Reading
Litecoin is now trading in an ascending channel. The coin will rise if the price breaks the resistance line and closes above it. Likewise, the coin may fall if the price breaks the support line and closes below it. The moving averages are trending northward indicating that price is rising,

General Outlook for Litecoin
The bulls have broken the downtrend line which is a positive move for Litecoin. The price action and Fibonacci tool have confirmed that the selling pressure is over. Litecoin is expected to rise if more buyers are introduced at the upper price levels.

Litecoin Trade Signal
Instrument: LTC/USD
Order: Buy
Entry price: $61
Stop: $50
Target: $80

LTC Now Facing Key Resistance After Gaining 10% In Two Weeks

Litecoin (LTC) Price Analysis – October 10

Litecon’s price has managed to produce +10% gain over the last few days after relying on the $50, although the price movement has been recently sluggish. Despite the low volatility, LTC is currently correcting gain of +1.53%. It will be interesting to see a significant bullish break at $60 if traders can show a strong commitment to buying. Technically, that may seem difficult at the moment. Should breakout materialize, the 6th largest cryptocurrency could skyrocket.

Litecoin (LTC) Price Analysis: Daily Chart – Bearish

Key resistance levels: $62, $67, $70, $78
Key support levels: $54, $50, $47, $43

Following the last 15 days of price variations, Litecoin is considered bullish on the daily chart but its trend has remained in a downward range since June 22 bearish reversal. Now, the price of LTC is subdued in the descending wedge formation with a potential break – which is mostly to the upside for this pattern. A clear wedge’s break-up should produce a strong buy to $67, $70 and $78 after leaving $62 resistance.

LTCUSD-Daily-Chart-October-10

Litecoin may sell back to the September low at $54 and $50 if the price actions keep respecting the wedge formation. The $47 and $43 may further act as lower support. The crypto trading signals a bullish regroup near the RSI 50 – reflecting the past days of buying pressure. Stochastic RSI suggests a bullish momentum but has now reached an overvalued area, which means the sellers might be around the corner.

Litecoin (LTC) Price Analysis: Hourly Chart – Bullish

The LTC/USD pair looks bullish on the hourly time frame. Looking at the ascending wedge (green) that forms inside the channel pattern (white), a potential bearish play is at hand at the moment. A double-top formation is likely at $60 before rolling over to $57 and $55 support. Conversely, the RSI is currently testing the 50 level as the further low drive could make the market oversold.

LTCUSD-Hourly-Chart-October-10

As we can see, the crypto trading signals that Litecoin is trading conveniently in the oversold area of the Stochastic RSI. In case of a bullish crossover, we can expect the market to keep rising at key resistance. However, $62 resistance may be tested if the buyers can continue to sustain pressure in the market. At the moment, the bulls are still showing strength inside the channel formation

LITECOIN SELL SIGNAL
Sell Entry: $59.5
TP: $55
SL: $61