Litecoin has been slipping this week, largely due to Bitcoin’s ongoing woes. The LTC price has fallen by a total of 11% to around $121. The cryptocurrency had a fantastic run during the first half of 2019 before running into strong resistance at the $145 level.
Litecoin is currently trading at support provided by a rising trend line. However, a break beneath the trend line could suggest that the market is headed lower. Still, Litecoin has seen an amazing 65% price surge over the past 3 months, allowing the coin’s market cap to climb to $7.45 billion – putting it in fourth place amongst the top cryptocurrencies.
Looking at the LTC/USD 1-day chart:
- Since our previous Litecoin analysis, LTC has continued to fall further beneath the support at the $130 level. Litecoin bounced at support provided by the short-term rising trend line, bolstered by the short-term .618 Fib retracement level. The LTC price has since returned to the trend line and currently rests there for support.
- From above: The nearest levels of resistance now lie at $125 and $130. Above this, higher resistance lies at $136, $140, and the previous $145 resistance level. If the bulls break above $145, further resistance is found at $150, $153, and $161 (which contains the long-term bearish .886 Fib retracement level).
- From below: The nearest level of support now lies at $119. If the price drops beneath the trend line, the next levels of support lie at $114, $110, and $110. Beneath $100, support exists at $97, $90, and $84 (the 200-day EMA).
- The trading volume remains high, although it is showing signs of diminishing.
- The Stochastic RSI recently produced a bullish crossover signal in oversold conditions, contributing to the rebound. If the Stochastic RSI continues to rise, we can expect the coin’s price to hold above the short-term rising trend line.
Looking at the LTC/BTC 1-day chart:
- Against Bitcoin, Litecoin has been suffering greatly as the market has fallen beneath the strong support at the 0.01138 BTC level. The coin’s price went on to fall further until finding support at 0.0094 BTC (the .786 Fib retracement level). LTC/BTC has since rebounded and is currently trading at 0.01138 BTC.
- From above: The nearest level of resistance lies at 0.012 BTC. Above this, further resistance lies at 0.0127 BTC (200-day EMA) and 0.013 BTC (100-day EMA). If the buyers continue above 0.013 BTC, the next levels of resistance lie at 0.0135 BTC and 0.014 BTC.
- From below: The nearest level of support now lies at 0.01111 BTC. Further support lies at 0.0106 BTC, 0.010 BTC and 0.0094 BTC.
- The Stochastic RSI produced a bullish crossover signal recently, which is a promising sign for the bulls. However, for a recovery to materialize, the RSI must rise above 50.
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