Analysis: Bulls Might Support Litecoin Price Above $54 Resistance

October- 29, 2018 | AtoZ Markets

Litecoin has been consistently moving downwards like almost all other altcoins, with no sign of a bull run. The price is starting to touch the long-term support, indicating that the downward momentum is yet to weaken.

At the time of writing, the price of the coin is trading at $51.72 with a 24-hour volume of $4.62 Million. In addition, Litecoin has a market cap of $3.5 Billion. From the last 1 Week, the price of the coin has moved by $ -0.8 (-1.51%) with a total volume of over $ 40.29 Million. 

Litecoin Technical Analysis

Weekly charts show that the Litecoin price moves with a bearish angle below the $53.00 level against the USD. The pair tested the $51 and formed a decent support above $50 levels.

Looking at the chart, Litecoin price recently traded as low as $51.18 and it is trading below the 100 hourly SMAs. The price of the coin already breaks the 23.6% Fibonacci retracement level of the recent decline from the $52.28 high to $51.18 low. However, there is a strong resistance near the $51.60 level and the 100 hourly SMAs.

The 100 SMA line is below the 200 SMA which signals that the path of least resistance is towards the downward direction. The above-mentioned parameters suggest that a bearish pull might be seen in upcoming days. 

On the hourly charts, there is a crucial bearish trend line in place with resistance at $52 mark of the LTCUSD pair. Above the trend line, the next resistance is near the 61.8% Fibonacci retracement level of the recent decline from the $52.28 high to $51.18 low at $51.86 level.

If there is a break above the $52 resistance, the price is likely to surpass the $54.00 level. On the downside, the $50- $51 levels are important supports. Below these, the price of the coin might attempt to decline below the $50 support zone. Overall, Litecoin is trading in a range-bound zone and as long as it is trading above the $50 support, it is likely to break to the upside.

Litecoin Weekly Pivot Points

Litecoin has a weekly support near $50 and resistance near $52 levels.

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