LTC/USD is currently trading within a trading range between $32.54 and $30.26.

Support moving forward – $30.26, $28, $27.01, $26, $25.077, $23, $22.84.

Resistance moving forward – $32.54, $34.82, $35.70, $39.75, $41.37, $43.47, $46.49.

Litecoin has seen a small price decline totalling -0.37% over the past 24 hours of trading bringing the current trading price down to around, $31.94, at the time of writing. The market has seen a -2.49% price drop over the past 7 trading days with a further +3.31% price decline over the past 30 trading days.

Where is Litecoin Ranked?

Litecoin is currently ranked in 8th position as it currently holds a $1.90 billion market cap value. The cryptocurrency has seen a dramatic -40.82% price drop over the past 90 trading days as the 69 month old project now trades at a value that is 91% lower than the all time high price.

Let us begin by providing a long term overview of the LTC/USD market.

Litecoin Price Analysis

Long Term

LTC/USD – DAILY CHART – LONG TERM

Analysing price action from the long term price chart above we can see that LTC/USD was trading comfortably above the $50 handle for the majority of 2018. However, as November 2018 began to trade the cryptocurrency bloodbath began to spill causing Litecoin to drop a significant 60% from a high above $56 to a low of $22.84 during December 2018.

Price action for Litecoin has since rebounded slightly, let us continue to take a look at price action a little more closely over the recent term.

Short Term Litecoin Analysis

LTC/USD – SHORT TERM – DAILY CHART

What’s been going on?

We can see, from the daily chart above, that after bouncing at the $22.84 handle the market went on to rally. It had originally met resistance at a bearish .382 Fibonacci Retracement level (drawn in red) priced at $35.70 toward the end of December 2018.

However, as 2019 began to trade, we can see that the Litecoin surge continued further higher above this level of resistance. The LTC/USD market continued to rise until hitting resistance at the bearish .5 FIbonacci Retracement level (drawn in red) priced at $39.75. More specifically, price action had met resistance at a short term 1.272 FIbonacci Extension level (drawn in blue) priced at $41.37.

Where are we now?

After reaching this level of resistance, the market then proceeded to roll over and retrace. Price action continued to travel lower until reaching support at a short term .618 Fibonacci Retracement level (drawn in green) priced at $30.26.

What is the current trend?

The current trend for LTC/USD is neutral as it is trading in a range between $32.54 and $30.26. IF price action breaks below the range we can consider the short term market condition as bearish. If it breaks above the range, we can assume that LTC/USD will resume its bullish trend.

Where can we go from here?

If the bulls can break up above the upper boundary of the trading range, we can expect higher resistance to be located at the short term .382 Fibonacci Retracement level (drawn in green) priced at $34.82, closely followed by more resistance at the bearish .382 FIbonacci Retracement level (drawn in red) priced at $35.70.

Further resistance toward the upside can then be expected at the bearish .5 FIbonacci Retracement level (drawn in red) priced at $39.75, followed by resistance at the 1.272 and 1.414 (drawn in blue) priced at $41.27 and $43.46, respectively.

The final level of resistance to highlight is located at the short term 1.618 Fibonacci Extension level (drawn in blue) priced at $46.49.

What if the bears regain control?

If the bears regain control and push price action below the lower boundary of the trading range at $30.26, we can expect immediate further support below to be located at the short term .786 and .886 Fibonacci Retracement levels (drawn in green) priced at $27.01 and $25.07, respectively.

IF the sellers break below the $25 handle we can then expect more support to be located at the December 2018 low priced at $22.84.

What are the technical indicators showing?

Currently the RSI is trading below the 50 handle, indicating that the sellers are in control of the market momentum. However, the RSI is very close to the 50 handle and if it can break above we can safely assume that the bulls have regained control of the market momentum. In this case, we can then expect LTC/USD to travel further higher.