Litecoin Price Analysis: LTC 50% Boost With Breakout Brings Hope OF $400

  • LTC token price consolidates after boosting more than 50% in the last two weeks to break out of the recent high of $312. 
  • The coin price is trading above all major EMAs with a breakout in the weekly timeframe.
  • The LTC/BTC pair is trading at 0.005859, an intraday decline of 5.34%
Source – TradingView

LTC token price increased more than 50% before taking a rest to start the consolidation period. The indecisive Doji candlesticks formed with the long tails and wicks indicate a long price range but a no result battle in the daily timeframe.

The coin price is moving up with higher highs, increasing the possibility of a new all-time high-level formation in the weekly timeframe. The increasing buying volume with long, long tails does imply that bulls are more powerful in the larger weekly picture. 

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The live Litecoin price today is $345.40 with a 24-hour trading volume of $7,566,439,177. Litecoin is down 2.65% in the last 24 hours. The current ranking of the coin, according to the market cap, is #10, with a live market cap of $23,056,487,769

New All-time High after the pullback  

Source-TradingView

LTC token price has been trending higher by making New higher highs and trading above the major 50 EMA. Along with the bullish pattern, the coin price has given a breakout of the $312 level. A decent volume range accompanied the coin price, but the consolidation indicates that the uptrend is growing weak, and a pullback is inevitable. 

The support trendline moving close with the 100 EMA is intact and has pushed the price back up for quite some time now. LTC coin price has been facing resistance from the $350 level as it is now rising as an important immediate resistance level, but a break out of this resistance level might boost the price another 30-35% up after retest. The levels of $312 and $239 are the immediate support level.

As per the 4-hour timeframe, the coin price is trading above the 50 (yellow) and 200 (white) EMA, which indicates an uptrend, but the low breakout volume is skeptical. Also, the upward moving slope does support the bullish sentiment. 

The RSI ( bearish) indicates bearish momentum while trading at 70. The RSI line is dipped and is now heading back from the overbought zone; bearishness can be expected from RSI until it reaches near 60.

The ADX indicates a fast-growing trend momentum after the recent breakout, and it is trading at 31.4 while the slope in ADX is moving higher phenomenally.

Conclusion – LTC token price did perform a breakout but is expected to pull back to at least $312. Investors may find this as an excellent opportunity to ride the trend after the pullback completion. The great green candle formed in the weekly timeframe also adds points for the long-term bullish trend.

Support- $312 and $239

Resistance-$350 and $400

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Vishal Dixithttp://www.thecoinrepublic.com
Vishal Dixit is a technical analyst with over a year of experience in the Indian stock market. He likes to read, learn and practice more about cryptocurrency, Forex, and Equity. He possesses strong technical and analytical skills in the financial market which comes from a strong background as a chemistry graduate and chess enthusiast.

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