LTC Price Analysis: Litecoin Finds New Support Zone Between $230-$250

LTC bulided new support between $230-$250
  • Litecoin price slipped after a sharp selloff from a new 52-week high of $335 and finds its new base of support zone around $230-$250
  • Currently, LTC is trading above all major moving averages of 20,50,100 and 200-Day with good volume action
  • The pair of LTC/BTC is trading at the level of 0.004723 BTC with an intraday gain of +2.50%
Source:tradingview

Litecoin price slipped after a bullish rally from higher levels after creating a new 53-week high of $335; presently, it is holding major moving averages of 20,50,100 and 200-DMA. Meanwhile, the overall trend is still bullish, and every dip is to be utilized as a buying opportunity; volume over the monthly chart is also good. After a sharp selloff, a new support zone is observed between $230-$250; likewise, the strong support can be considered $190. Similarly, on the higher side, resistance is situated at $335 and $375. A short-term pullback is expected after a base formation on the higher side till $280 and $320.

Source:tradingview

Litecoin over the 4-hour time frame has formed an inverted flag and pole pattern after a sharp fall from higher levels. The coin is trading inside the falling channel pattern where the indicators favor bulls; simultaneously, a short-term pullback is expected from lower levels. Presently LTC is trading at the price levels of $265 with intraday gains of +5.46%, and volume dropped nearly -2.30%, standing at $9,019,460,255. Likewise, the total market capitalization gains over +5.78% standing at $17,676,914,886 on the 10th rank. 

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Relative Strength Index (BULLISH ) indicates bullish momentum while trading at 48.62. However, LTC, after a sharp selloff is now heading towards the overbought zone, indicating its positive momentum. 

Moving Average Convergence Divergence (BULLISH) currently indicates a bullish trend on the daily chart, as it is trading with the significance of the seller’s line (red) over the buyer’s signal line (green). However, both the lines are heading closer to each other, and a crossover can generate bullish momentum. 

Support levels: $230-$250 and $190

Resistance levels: $335 and $375

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Pratik Chadhokarhttp://www.thecoinrepublic.com
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.

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