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Litecoin(LTC) Attempts To Rebound: Can The Bulls Follow Through?

COINBASE:LTCUSD   Litecoin / U.S. Dollar
  • Litecoin has seen a small price rebound after finding support at $57.64.
  • The cryptocurrency is now ranked in the 7th position as it holds a market cap value of $3.77 billion.

Litecoin saw a 23% price drop over the past 7-days of trading as the cryptocurrency drops into support at $57.64, provided by a short term .786 Fibonacci Retracement level. The latest price decline brought Litecoin beneath the February 2020 opening price as it created a fresh lower low.

Litecoin is now ranked in the 7th position as it holds a $3.77 billion market cap value. If it can rebound from the current $57.64 support, it should be able to rise higher to claim the 6th position ahead of BSV .

Litecoin Price Analysis

Market Overview

Taking a look at the daily chart above, we can see that Litecoin rolled over at the start of last week as it failed to climb above resistance at $80. It went on to drop quite aggressively as it fell by a total of 23% throughout the past 7-days of trading.

We can see that it recently found some form of support at the .786 Fibonacci Retracement level, priced at $57.64. It did briefly spike lower but managed to find additional support at the longer-term .618 Fibonacci Retracement level at $56.12 before bouncing higher.

Short term prediction: NEUTRAL
If the buyers can rebound higher from the current support, the first level of resistance lies at $60. Above this, resistance is located at $64, $68, and $70. If they can break $70, we can expect additional resistance at $74, $78, and $80.

On the other side, if the bears break beneath the $57.64 support, additional support lies closely at $56.12 (long term .618 Fib Retracement). Beneath this, support lies at $54.25 (short term .886 Fib Retracement), $51.14 (downside 1.272 Fib Extension), and $48.38 (long term .786 Fib Retracement).

Key Levels:

Support: $57.64, $56.12, $54.25, $51.14, $50, $48.38.
Resistance: $60, $62, $64, $67, $70, $74, $76.72, $78.44, $80, $83, $86, $89.28, $90

Comments

looks like a pair worth following, this is what I have marked up lately on LTCUSD
Reply
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