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Cryptocurrency

Litecoin price analysis - Breakout or further decline?

Litecoin price analysis - Breakout or further decline?

5 June 2019, OctaFX – Litecoin has followed the broader cryptocurrency market lower this week, with the sixth largest crypto so far finding technical support from the $96.50 level.

Litecoin price technical analysis

The $100.00 level is still seen as major breakout support on both the four-hour and daily time frames. Bulls need to rally the cryptocurrency towards the $120.00 level to negate the bearish double-top pattern formation on the four-hour time frame.

  • LTCUSD price is only intraday bullish while trading above the $110.00 level, key resistance is found at the $120.00 and $135.00 levels.

  • If LTCUSD price trades below the $110.00 level, key support is found at the $96.50 and $85.00 levels.

Litecoin price analysis, LTCUSD price

Disclaimer

This article was provided by OctaFX. It should NOT substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.

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