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Litecoin Price Signals More Consolidation on the Horizon – LTC/USD Outlook

Litecoin Price Signals More Consolidation on the Horizon – LTC/USD Outlook

2020-06-08 14:00:00
Mahmoud Alkudsi, Analyst
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LTC/USD Price Technical Outlook

  • Litecoin price chart exposes a sideways move
  • Will LTC/USD bears take charge?

Indecisive Traders

On Tuesday, Litecoin rallied to an over four-week high at $49.90 yet the price pulled back later as some bulls seemed to cut back. Therefore, the weekly candlestick closed with a Doji candlestick reflecting the market’s indecision at this stage.

This week, the Relative Strength Index (RSI) remained flat above 50 highlighting a paused bullish momentum.

Litecoin PRICE DAILY CHART (FEB 7, 2019 – June 8, 2020) Zoomed Out

Litecoin daily price chart 08-06-20 zoomed out
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Litecoin PRICE DAILY CHART (March 12 – June 8, 2020) Zoomed In

Litecoin daily price chart 08-06-20 zoomed in

In late April, Litecoin failed to rally to the higher trading zone signaling that bulls were losing momentum. Later on, the price traded in a sideways move creating a set of lower highs with higher lows. Last week, the price rebounded around the high end of the current trading zone $35.92- $50.20 yet remained above the 50-day moving average,indicating that bulls may retake the initiative.

Hence, any successful close above the high end of the aforementioned trading zone may trigger a rally towards $60.20, and a further close above that level may extend the rally towards $74.55.

On the flip-side, any close below the 50-DMA signals that LTC/USD could fall towards the low end of the zone, and a further close below that level may send the price even lower towards $22.30.

That said, the daily and weekly support and resistance levels marked on the daily chart should be kept in focus in both scenarios.

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Litecoin PRICE FOUR Hour CHART (April 21 – June 8, 2020)

Litecoin four hour price chart 08-06-20

On May 27, the price broke above the downtrend line originated from the May 18 high at $47.00 and generated a bullish signal. Yesterday, the market broke below the uptrend line originated from the May 26 low at 41.8 then remained below this line producing a bearish signal.

Thus, a break below $43.70 could send LTC/USD towards the $40.00 handle. On the other hand, any break above $51.92 may cause a rally towards $55.90. Nonetheless, the daily support and resistance levels underlined on the four-hour chart should be watched closely.

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Written By: Mahmoud Alkudsi,Market Analyst

Please feel free to contact me on Twitter: @Malkudsi

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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