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- Litecoin price has climbed 3% in the current session(daily timeframe)
- Litecoin to test the last resistance at $185 at 100% Retracement level
- Litecoin price still needs volume confirmation
Litecoin price has taken support at the 78.6% Fibonacci level at $160. The rise in the price from the level brought a 3% surge, halting the 100% retracement at $185. The resistance is expected at $215 and $232 per the following Fibonacci levels. The volume has not shown any significant change yet, confirming a reversal. The price range volume also shows equal buying and selling in the coin. The markets ap and 24-hour volume are $12,073,647,841 and $4,879,090,922 respectively.
Breakout in Litecoin Price Will Be A Difficult One
Left Image: The daily candlestick chart shows that the price has confirmed support at diagonal support and reached the P. The next resistance is $225(Pivot – R1) and $250(Pivot – R2). The supporting Pivots – S1 is at $135.
Right Image: LTC price has confirmed support from 50-EMA($170) today and is already hovering above the 200-EMA($114). 10-EMA and 20-EMA impose resistance at $184-$186. A decline from the current level will cause a bearish crossover, which can drop the coin considerably.
Bollinger Bands(Median – 10-EMa) are contracting; this is the cause of why the price could take support along the lower band and climb to the median. But now, the median and upper band will act as resistance at $185 and $220. Also, the lower band acts as strong support at $114.
RSI is at 49 and preparing to enter the 50 levels. Watch out for acceptance above 50 levels for a bull run or rejection, which can cause the coin to fall.
MACD(8,21,5) is marginally below the 0-levels and about to give a bullish crossover which may help the coin to breakout from the median. The indicator is currently at the level where the last rally started.
Conclusion
Litecoin price has reached the cluster of resistance where the 100% retracement, pivot level – P, 10-EMA and 20-EMA are intersecting. Also, the coin volume is still low and needs a thrust from the bulls to surpass this level. A breach can give multiple breakouts from the above-given indicators and the RSI, which will surge above 50 and MACD, giving a bullish crossover.
Support: $160(78.6$ Fibonacci level), $163(Pivot levels) and $170(50-EMA),
Resistance: $185(20-EMA and 10-EMA), $215-$220(Fibonacci level and Upper BB), $225( R1 – Pivot) and $250(R2 – Levels)
