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Litecoin Price Weekly Analysis – Poised for Gains

Avatar Aayush Jindal 5 years ago

Key Highlights

  • Litecoin price continued to climb higher, as there was more than 10% gain noted this past week.
  • A critical support trend line is forming, which might act as a buying zone moving ahead.

There was a sharp upside reaction this week for Litecoin price that has strength for more gains

Litecoin price continued to rocket higher, as there was a lot of buying interest noted this past week. The price headed towards $4.37 where there was a selling interest noted. The price after testing the mentioned are started consolidation phase, which might continue for some time. The Bollinger Bands are contracting, which is also suggesting range trading. The Lower Bollinger Band is aligned with the 23.6% Fib retracement level of the last leg from $2.80 to $4.37.

Litecoin

Litecoin

Bullish Call?

There is a bullish trend line formed on the 4-hours chart, which is a major pivot area for the price in the near term. The 100 simple moving average is also shaping up nicely with the highlighted trend line. So, if the price moves lower from the current levels, then initial support is around the 23.6% Fib level, followed by the 38.2% Fib level. The mentioned fib level is also sitting around the highlighted trend line at $3.73. So, there is a possibility that the price might find support around the mentioned support area.

The RSI and MACD both are in the bullish zone, which is a positive sign for buyers. If the price breaks higher and clears the last high of $4.37, then a move towards the next barrier of $5.00 is possible.

Intraday Support Level – $3.70

Intraday Resistance Level – $4.40

Overall, a lot of buying interest is visible. So, if you are looking for more upsides you can consider buying dips moving ahead.

 

Charts courtesy of Trading View

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial...

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