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Litecoin Technical Analysis: LTC/USD key support at $31 must hold

  • Litecoin price trading firmly in negative territory on Thursday, down over 3%.
  • LTC/USD price action is being supported via the daily time frame by an ascending trend line. 

LTC/USD 15-minute chart

  • Price action moving to the downside within a steep descending channel/wedge formation. 

Spot rate:                  3840.62

Relative change:      -1.65%

High:                         33.57

Low:                          32.11

Trend:                        Bearish

Support 1:                  32.11, daily pivot point support.

Support 2:                  30.79, daily pivot point support.

Support 3:                  29.79, daily pivot point support.

Resistance 1:             34.44, daily pivot point resistance.

Resistance 2:             35.43, daily pivot point resistance.

Resistance 3:             36.76, daily pivot point resistance.

LTC/USD 60-minute chart 

  • Looking via the shorter time frame, support seen just below, tracking at $31.

LTC/USD daily chart

  • LTC/USD supported by an ascending trend line, this has been running since 16th December. 

Author

Ken Chigbo

Ken Chigbo

Independent Analyst

Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.

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