Litecoin (LTC) Price Analysis – March 31
After a long bullish scenario, Litecoin market maintained trading on side-ways for the past two weeks as a result of low trading volume; as reflected on the medium-term indicator. LTC is expected to witness a surge in volatility any time from now as it approaches the lower trend line. Otherwise, the bull may resume rally.
Resistance levels: $64, $68, $72
Support levels: $55, $50, $46
Litecoin, the fifth biggest crypto-asset, had been rising on a medium-term perspective for the past four weeks at a low price level of $44; maintaining a bullish sentiment to $64 high. After then, LTC trading has remained within the range of a wedge pattern since mid-March. The market is likely to witness a fall as soon the lower trend line is touched. A bearish divergence move is signaled on the 4-hours MACD.
Following the MACD signal, a possible downward swing is likely to meet close support at $55 and perhaps may further fall to $50 and $46 support levels. Moving against the MACD signal, however, could advance the token to a high of $64, $68 and $72 resistance levels. As of now, there’s a high probability for a fall than a rise.
Today, Litecoin appeared to be trending in a side-way for the past two weeks after a rise-up from 0.0115 BTC low. At the moment, the buyers seem to be losing momentum. The sellers are likely to take control of the market at any time from now.
As LTCBTC nears the lower trend line, a significant drop below the channel may position this pair in a medium-term bearish condition. The nearest key supports lie at 0.014 BTC, 0.013 BTC and 0.012 BTC in a subsequent move. Similarly, an upward movement above the channel is likely to find immediate resistance at 0.015 BTC and above. Looking at the 4-hours MACD, a divergence move was suggested. Litecoin could experience a bearish play sooner.
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