LTC Price Analysis: Litecoin Price Gets Rejected At 3 Month Trend Line

  • LTC price hits 3 year high
  • LTC Price has rejected at 3 month trend line
  • Key support & resistance to hold is $303

LTC holders have been waiting patiently for the currency to show strides this bull run and it has began to perform. LTC was up nearly 60% in the last two weeks, hitting a high of $333. This price surge lost steam as the price of LTC attempted to break its 3 month trend line.

LTC Price Analysis: Daily Chart

ltc price Analysis

On the daily chart, we can see LTC has been moving within a 90 day channel. The price has bounced off the bottom of the channel 3 times as well as the top of the channel. Each time LTC experiences a bounce on this channel, the price moves in the bouncing direction for at least a week. This could signal LTC may reach lows of $230-$250 in the near future.

The key resistance for LTC to break hold is $303. If the bulls manage to hold this level, LTC may have a shot at its all time high of $420. At the time of writing, the important level to watch is $280 as the bulls must manage to hold this level in attempt of continuing this bullish trend. If the bears continue control and the $280 support fails to hold, expect a drop to the $250 range.

Looking at the Stochastic RSI, we can conclude the strength was pushed to its limits the last 5 days. Two rejections at the top value in overbought conditions would usually indicate a reset to lower levels. The regular RSI also can confirm this view as the strength was rejected in overbought conditions. LTC is considered bearish until $303 is broken.

LTC price intraday levels

  • Spot rate: $286
  • Trend: Bullish
  • Volatility: High
  • Support: $280
  • Resistance: $303

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