PrimeXBT would like to call your attention to a technical analysis overview of LTC/USD.
According to the official update made by Jan. 3, the Litecoin Foundation is utilizing BitGo’s multi-signature wallet for its cryptocurrency custodial needs. While neither company has yet to supply details on the partnership, the Litecoin Foundation published a post on Twitter announcing the venture.
Litecoin bulls broke out from a narrowing range formation, but the price action is capped to the upside by resistance at $44 and supported on the downside by support at $38.
Furthermore, the coin has failed to clear the resistance hurdles stopping it from reaching its main resistance level at $45. Instead, bears are trying to force the crypto back to the $42 support level.
Additionally, a break below the $40 support level may provoke an even deeper decline towards the $38 and $36 support levels.
If bulls can put forth more effort and push the digital asset towards the upper boundary of the small ascending channel, then the price may hit the resistance levels of $48, $50 and $52 respectively. Any movement above these key resistance levels should, therefore, encourage further buying.
Unless this resistance is effectively exceeded and the price ends up closing above it, there might not be any reason to expect any type of long-term bullish reversal.
The best way to get consistent quality analysis is to follow us.
As always, be careful, and don't forget about capital & risk management.
According to the official update made by Jan. 3, the Litecoin Foundation is utilizing BitGo’s multi-signature wallet for its cryptocurrency custodial needs. While neither company has yet to supply details on the partnership, the Litecoin Foundation published a post on Twitter announcing the venture.
Litecoin bulls broke out from a narrowing range formation, but the price action is capped to the upside by resistance at $44 and supported on the downside by support at $38.
Furthermore, the coin has failed to clear the resistance hurdles stopping it from reaching its main resistance level at $45. Instead, bears are trying to force the crypto back to the $42 support level.
Additionally, a break below the $40 support level may provoke an even deeper decline towards the $38 and $36 support levels.
If bulls can put forth more effort and push the digital asset towards the upper boundary of the small ascending channel, then the price may hit the resistance levels of $48, $50 and $52 respectively. Any movement above these key resistance levels should, therefore, encourage further buying.
Unless this resistance is effectively exceeded and the price ends up closing above it, there might not be any reason to expect any type of long-term bullish reversal.
- Resistance Zone: $45 - $50
- Support Level: $40, $38, $36
- Market Cap: $2 974 833 840 USD
- Volume (24h): $3 629 057 746 USD
- Circulating Supply: 63 807 394 LTC
The best way to get consistent quality analysis is to follow us.
As always, be careful, and don't forget about capital & risk management.
Trade active:
LTCUSD's already broken through the resistance level and is consolidating above it.
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