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Litecoin Price Analysis: LTC/BTC Finds Support Above ₿0.08open_in_new
On June 30, 2019, the Litecoin price reached a high of ₿0.0121. A decrease ensued. After a weak bounce at ₿0.01, the LTC price continued its downward movement.
At the time of writing, it was trading at ₿0.0088.
How long will the decrease continue? Keep reading below in order to find out.
For our previous analysis, click here.
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The Litecoin price has been following a descending support line since April 2.
On July 10, it touched the support line for the third time and began a weak upward bounce.
The previous time it did so, on May 12, a strong upward move began that culminated with a high of ₿0.0178.
Will it act in a similar manner this time?
On June 21 a bearish cross transpired between the 10- and 20-day MAs.
Since then, the LTC price has been decreasing, facing very close resistance from the 10-day MA. Currently, it is trading below all four MAs.
Additionally, the 100- and 200-day MAs are falling, possibly setting themselves up for a bearish cross.
However, the RSI gives a more bullish outlook.
There have been two instances of bullish divergence developing.
There is a long-term divergence developing since May 13. While the Litecoin price has been decreasing at the rate predicted by the support line, the RSI has been generating higher values.
Also, there is another instance of divergence developing between the lows of June 26 and July 10.
The use of these indicators suggests that an upward move may soon begin. However, if the price does so, there is significant resistance above it.
If the LTC price begins an upward move, we will use a short-term time-frame to predict likely reversal areas.
As is visible below, LTC has been following a descending resistance line since July 1st.
The resistance line is currently around ₿0.094. If the LTC price breaks out, the next resistance area can be found near ₿0.01.
A look at the five-minute time-frame shows that once it reached a low near ₿0.085 and touched the support line, the price bounced with very significant volume.
This is a bullish sign and can be interpreted as an attempt to begin a reversal.
Litecoin is following a descending support line.
Momentum indicators suggest that the price will soon initiate an upward move.
If it does, the closest resistance area is found near ₿0.01
Do you think LTC will begin an upward move? Let us know in the comments below.
Disclaimer: This article0 is not trading advice and should not be construed as such. Always consult a trained financial professional before investing in cryptocurrencies, as the market is particularly volatile.
Images are courtesy of Shutterstock, TradingView.
As a trusted news outlet in the blockchain and cryptocurrency industry, BeInCrypto always strives for the highest journalistic standards and adheres to a strict set of editorial policies. BeInCrypto is an independent website with authors and management that may personally invest in cryptocurrencies or blockchain startups.