News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
Litecoin Forecast: Levels to Monitor on LTC/USD Price Chart

Litecoin Forecast: Levels to Monitor on LTC/USD Price Chart

Mahmoud Alkudsi, Analyst

LTC/USD Price Technical Outlook

  • Litecoin price chart highlights a trend-less move
  • Positive outlook while above $62.20

Bulls Pullback From a Multi-Month High

Last week, Litecoin hit an over five-month high of $65.3. However, the price retreated after as some bulls seemed to cut back. This led a weekly candlestick to close in the red with a 1.7% loss.

Alongside that, the Relative Strength Index (RSI) abandoned overbought territory reflecting a weaker bullish momentum.

Litecoin PRICE DAILY CHART (FEB 1, 2019 – August 11, 2020) Zoomed Out

Litecoin daily price chart 11-08-20 zoomed out

Litecoin PRICE DAILY CHART (July 14 – August 11, 2020) Zoomed In

Litecoin daily price chart 11-08-20 zoomed in

On July 27, Litecoin climbed to the current $50.20 - $62.20 trading zone, however, the price failed twice in early August to rally further indicating that bulls were losing momentum. Later on, the market started a sideways move creating a lower high with a higher low.

A daily close above the high end of the current trading zone may encourage bulls to rally Litecoin towards the monthly resistance level at $74.55 (July 2018 low).

On the other hand, a daily close below the low end of the zone may guide LTC/USD’s fall towards the monthly support at $35.92 ( December 2018 high).

Litecoin PRICE FOUR Hour CHART (July 25 – August 11, 2020)

Litecoin four hour price chart 11-08-20

Today, the price has traded below the bullish trendline support originated from the July 27 low at $47.00 generating a signal in favor of bear’s control.

To conclude, while Litecoin’s outlook is neutral a break below $55.10 could send LTC/USD towards $51.79, while a break above $64.30 may trigger a rally towards $67.50. As such, the support and resistance levels underlined on the four-hour chart should be kept in focus.

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.

DISCLOSURES