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- Litecoin, at the time of writing this analysis, was trading above $40 at $41 with a fine uptrend and retaining support from a 200-day daily moving average
- LTC/USD fails to retain support from 50-day daily Moving Average
- The 20-day Bollinger Bands laid do not project about any unprecedented volatility as the bands are not seen widening
- The monthly resistance lies at $47 when the price trend of LTC breached above the upper Bollinger Band
- The volatility hit the market just like any other investment avenue to hit the lead the coin around the weekly support at $38
Litecoin price fails to cross above $44—the weekly immediate resistance yet draws a subtle intraday uptrend. Bitcoin—the king of cryptos, has also plummeted below $7k.
Litecoin Price Analysis
On the 4-hourly chart, Litecoin has drawn two psychological uptrends against the US Dollar as it draws a bullish engulfing in the mid of the ongoing month. Although the coin has been drawing an overall uptrend, the intraday appears quite dull as the red candlestick draws a bearish wedge. LTC fails to retain support from 50-day daily MA after it dipped below $42 yet awaits a strong rebound once the market gains the lost traction on the hourly chart.
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The intraday will face hurdles until the market picks up the momentum and, therefore, might appear choppy or get prey to price accumulation. As the crypto investors and loyalists await Bitcoin halving and a price pump yet before the event, Coronavirus is taking no toll to leave any soon. This BTC price pump is important to have an influential effect on the price of strong alts like Litecoin.
On the upside, the major resistance to watch out for lies at $44, while on the downside, the major support is $40, followed by $37.
Technical Indicators
The technical indicators are drawing a bearish, and a flattish picture as the RSI of LTC lies at 46.37 with directionless trade due to loss of traction.
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While the MACD holds a bearish divergence as the signal line crosses above the MACD line due to weakened intraday momentum. Based on our LTC prediction and the formation of technical indicators, the coin might retest its previous support around $40 soon.
