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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Litecoin Price Analysis 08/12/2015 – Primed Lift-Off

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Litecoin Price Technical Analysis

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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Key Highlights

  • Litecoin’s price broke a major bearish trend line on the hourly chart (data feed from Bitfinex), and looks set for more upsides.
  • The price is trading near a major support area of $3.50, where buyers are likely to take a stand.
  • The price also broke an ascending channel formed on the hourly chart (data feed provided by HitBTC), as highlighted in yesterday’s post.

Litecoin price shows a lot of bullish signs, which means there is a chance of a move higher and buying dips may be a good option.

Broken Resistance and Support

Litecoin Price Technical Analysis

The Litecoin price finally managed to gain pace and traded higher. It broke a major bearish trend line on the hourly chart (data feed from Bitfinex) – which was acting as a resistance for the price – and now it is preventing the downside move. The 100-hour simple moving average played well, and helped the buyers to take the price higher.

The price is trading near the broken resistance area, which is acting as a support, now. It is also coinciding with the 50% Fibonacci retracement level of the last wave from the $3.26 low to the $3.84 high. In short, the current support area of $3.50-60 holds the key for an upside move. As long as the price is above it, there are chances of it trading higher.

Litecoin Price Technical Analysis

Yesterday, we highlighted an ascending channel on the hourly chart (data feed from HitBTC), which was also cleared during the upside move. Almost all indicators are positive, and suggesting more gains in the near term.

Looking at the Indicators

MACD – The hourly MACD may change the slope to bullish soon, which may ignite an upside move.

Hourly RSI – The hourly RSI is below the 50 level, which is a sign that buyers are struggling to hold the ground.

Intraday Support Level – $3.50

Intraday Resistance Level – $3.80

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.

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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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Reason to trust

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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