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Technical analysis

Litecoin Forecast: Price Might Break $48 Mark in the Short Term

Amandeep Sonewane | Feb. 12, 2019
Litecoin Forecast: Price Might Break $48 Mark in the Short Term

February 12, 2019 AtoZ Markets - Last week the crypto markets experienced a positive trading session that led Bitcoin, and other altcoins to surge 10% or more. This move was led by Litecoin, which surged over 30% to erase several weeks of losses. Although LTC was the best performing coin last week, it has led today’s market drop. And if the coin unable to get a significant amount of buying pressure in the near-term, it might lead the entire cryptocurrency markets to drop as the week goes on.

At the time of press, the coin is trading near $43.5 mark with a total 24 hours volume of $ 24.36 Million. Since last week, the price of the coin has surged by $ 9.38 (27.53%) with a total volume of over $ 238.95 Million. The highest price of the coin, $ 47.42 , was on 10 February 2019 at 18:00 GMT while the lowest price, $ 32.23, was on 06 February 2019 at 17:00 GMT.

Litecoin Technical Analysis

Yesterday, the price of the coin was trading above the $44 price level. The coin's price retraced and broke below the 12-day SMA. But the 26 Day SMA provided support for the bullish trend. Today, the bulls are attempting to break above the SMAs. Also, the coin failed to break the major resistance level and remain stable near the points points.

On the upside, if the bulls push the price of the coin above the SMAs, Litecoin's price will reach a high of $50 mark, but might face resistance at the $48 level. Meanwhile, the MACD(12, 26) line and the signal line are above the zero line which indicates a buy signal. Also, the coin's price is above the SMAs which indicate that price is in the bullish trend zone.

On the 1-hour chart, Litecoin's price is in the bearish trend zone. Yesterday, the coins’s price drop to the low of $43.39 and commenced a range bound trading. The bulls are attempting to break the SMAs to reach the bullish trend zone.

If the bulls overcome the SMAs, the Litecoin price will rise and retest the $48 price handle.

Litecoin Weekly Pivot Points

Litecoin has a weekly support near $40 and resistance near $46 levels.

Think we missed something? Let us know in the comments section below.

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.