Litecoin (LTC) Price Analysis – August 18
The future perspective looks brighter as the price of Litecoin (LTC) reflects a recovery in the intraday chart.
Resistance levels: $90, $95, $100
Support levels: $65, $60, $55
Looking at the chart, the LTC/USD pair is maintaining a downtrend as the bears regroup for more selling pressure in the market. As we can see now, the price drop has brought trading at $76.69 price level, which is aggregated to over 5% loss over the past two weeks of decline. Now that the market is consolidating, we can expect close supports at $65, $60 and $55 levels. That’s if a bearish continuation occurs.
As shown in the price chart, Litecoin (LTC) trading volume is low due to the two weeks of bear dominance. However, if the market could come back under the control of Bull, a trend reversal will likely play out to immediate resistance at $90, $95 and $100. The stochastic RSI has swung into the oversold zone, revealing a potential rise.
Against Bitcoin, looking at the chart, the bulls are making effort to step back into the market by halting the downtrend. Moreover, the coin is trying to show some promising signs that could make higher highs should it break above the 21-day moving average. From the upside, the nearest level of resistance lies at 0.0090BTC and above this, higher resistance lies at 0.0095BTC and 0.0100BTC.
Similarly, from downside; the nearest levels of support are 0.0070BTC and 0.0065BTC. Beneath 0.0060BTC, further support lies at 0.0055BTC. If the price drops further to create a new low, lower support is located at 0.0050BTC, 0.0045 BTC, and 0.0040BTC. The stochastic RSI is making an attempt to break above the 70-level which shows that the bulls are waking up.
Please note: cryptovibes.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.