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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Litecoin Price Technical Analysis – Test of 100 MA Possible?

Aayush Jindal
Aayush Jindal
4 years ago
3 mins read
litecoin price. testing. newsbtc

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Key Highlights

  • Litecoin price yesterday passed a crucial test, survived a major support area and currently attempting to move higher.
  • It looks like the price broke a major triangle pattern on the 2-hours chart with data feed from HitBTC, which may take it towards the 100 simple moving average.
  • On the flipside, there is a support trend line break noted on the 30-min chart (data feed via Bitfinex), which is a bearish sign.

Litecoin price may trade higher, and if buyers succeed in taking control, then there is a chance of it testing the 100 simple moving average (2-hours).

Buy or Sell?

If we first look at the lower time frame chart of Litecoin price like the 30-mins chart (data feed via Bitfinex), then there is a bearish sign already. Yesterday, I highlighted a bearish trend line on the same chart, and pointed that it may act as a hurdle for buyers in the short term. The price did climb higher, but it found resistance around the same trend line. There was a downside move later on that took the price a few points lower. There was another bullish trend line formed on the 30-mins chart (data feed via Bitfinex), which was broken during the downside reaction.

Litecoin Price Technical Analysis

However, the downside break does not look convincing, and the price may head back higher. On the upside, the bearish trend line may still come into play, and as long as the price is below it there are no chances of gains. The 100 simple moving average on the 30-min chart (data feed via Bitfinex) is also aligned just below the same bearish trend line. And, the 50% Fib retracement level of the last leg down from the $3.10 high to $3.00 low is positioned near the 100 MA to act as a barrier. Only a break above the highlighted trend line and resistance area could take the price higher and negate the bearish view. On the downside, if the recent trend line break is real, then move towards the $3.00 support area is possible in the short term.

Looking the 2-hours chart with the data feed from HitBTC there is a different picture altogether. There was an interesting triangle pattern formed, which was breached by buyers to take the price higher. The price cleared the triangle resistance trend line and currently trading near the 23.6% Fib retracement level of the last drop from the $3.40 high to $3.072 low. We need to see if the recent break is real or false like the previous one.

Litecoin Price Technical Analysis

If the bulls succeed in taking the price higher, then the next hurdle for them could be around the 100 simple moving average (4-hours chart with data feed from HitBTC). The stated MA is positioned with the 38.2% Fib retracement level of the last drop from the $3.40 high to $3.072 low, which may stall gains moving ahead.

Looking at the indicators:

2-hours MACD – The MACD is in the bullish zone, which is a positive sign.

2-hours RSI – The RSI is above the 50 level, which is another bullish sign.

Intraday Support Level (HitBTC) – $3.05

Intraday Resistance Level (HitBTC) – $3.20

 

Charts from Bitfinex and HitBTC; hosted by Trading View

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Aayush Jindal
Aayush Jindal

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

Read more

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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