LTC Price Analysis

After surging by a total of 141% from the December 2018 low, Litecoin has now retraced and has found support at the .382 Fibonacci Retracement level located at $44.18. The past 24 hours has seen the market fall by a total of 10.70%, bringing the current trading price down to $45.75, at the time of writing.

However, despite the recent decline, the Litecoin market is still up by a total of 36% over the past 30 trading days.

Where Is LTC Currently Ranked?

Litecoin is currently ranked in 5th position as it presently holds a $2.75 billion market cap value. The 70-month-old project now trades at a value that is 87% lower than the all time high price.

Let us start by taking a look at the LTC/USD market and highlight some potential areas of support and resistance moving forward.

LTC/USD

LTC/USD – 1 DAY – MEDIUM TERM

What Has Been Going On?

Alot has developed since our previous Litecoin analysis. The market has surged significantly and has managed to break above the $50 level.

We can see that after reversing at the December 2018 low, around $24.00, the market went on to consistently ascend. It had created a rising price channel throughout January and early February. However, toward mid-February 2019, we can see that the market had broken out above the ascending price channel.

After breaking above, the market went on to rise into resistance provided by the bearish .886 Fibonacci Retracement level (drawn in red) priced at $53. This bearish Fibonacci Retracement level is measured from the high seen in November 2018 to the low seen in December 2018.

After reaching the resistance at $53, we can see that Litecoin rolled over and had fallen back into the previous ascending price channel. The market has currently found support at the short term .382 Fibonacci Retracement level (drawn in green) priced at $44.18.

What Is The Current Trend?

Despite the recent price drop the LTC/USD market is currently neutral. If LTC/USD would to break beneath the $44 level then we could consider this market as bearish. For this market to be considered as bullish, we would need to see price action breaking above the $53 handle to create a fresh high.

Where Can We Go From Here?

The RSI is currently trading at the 50 handle which indicates indecision within the market. If the RSI was to penetrate below the 50 handle we can expect LTC/USD to break below the current support at the $44.18 level. In this case, nearest support below is located at the short term .5 Fibonacci Retracement level (Drawn in green) priced at $41.56. This is closely followed with support at the $40 handle.

If the sellers continue to drop the market beneath the $40 level, then support beneath this is expected at the .618 Fibonacci Retracement level (drawn in green) priced at $38.94. Support below this is expected at $35 and then at the lower boundary of the ascending price channel.

What If The Bulls Push The Market Higher?

Alternatively, if the bulls regain control of the market momentum, and push the RSI back above 50, we can expect LTC/USD to resume its bullish bearing. Initial resistance toward the upside can be expected at the bearish .786 and .886 Fibonacci Retracement levels (drawn in red) priced at $49.56 and $53, respectively.

If the buyers can continue to drive price action further higher, more resistance can then be expected at the November 2018 high located at $56.60 and then at $63.25.

Let us continue to take a look at the LTC/BTC market and highlight some potential areas of support and resistance moving forward.

LTC/BTC

LTC/BTC – 1 DAY – MEDIUM TERM

What Has Been Going On?

Since rebounding from the December 2018 price low around 0.007 BTC we can see that LTC/BTC has also been trading within a steep ascending price channel. The market has surged by a total of 90% since the rebound.

Toward the end of the recent price surge, LTC/BTC had run into resistance at the bearish .5 Fibonacci Retracement level (drawn in red) priced at 0.01275 BTC. This Fibonacci Retracement level is measured from the May 2018 price high to the December 2018 low. After reaching this level of resistance, the market rolled over and began to fall.

Price action continued to fall until recently finding support at the .236 Fibonacci Retracement level (drawn in green) priced at 0.01154 BTC.

What Is The Current Trend?

The current trend of the market is neutral. For this market to be considered bearish we would need to see LTC/BTC breaking below the 0.0115 BTC level.

Where Can We Go From Here?

If the sellers mount up the pressure and begin to drive price action beneath the support at 0.01154 BTC, we can expect immediate support toward the downside to be located at the .382 Fibonacci Retracement level (drawn in green) priced at 0.01065 BTC. This is closely followed with support at 0.01 BTC.

If the bearish momentum drives LTC/BTC beneath 0.01 BTC, we can expect further support to be located at the .618 and .786 Fibonacci Retracement levels (drawn in green) priced at 0.00922 BTC and 0.00820 BTC, respectively.

What If The Bulls Push The Market Higher?

Alternatively, if the buyers regroup and begin to push price action higher, we can expect immediate resistance above to be located at the 0.01198 BTC level followed by more resistance at the bearish .5 Fibonacci Retracement level (drawn in red) priced at 0.01275.

Further support toward the upside can then be expected at the 1.272 Fibonacci Extension level (drawn in turquoise) priced at 0.01394 BTC followed by higher resistance at the bearish .618 Fibonacci Retracement level (Drawn in red) priced at 0.01415 BTC.