Litecoin Technical Analysis: LTC/USD price consolidates to pave way for another potential jump

Litecoin price on Friday nursing steep losses of over 4 percent towards the latter stages.
LTC/USD near-term range block seen at $31 up to $33.50, a break either way should see a large rush of momentum.

Ken Chigbo Independent Analyst

LTC/USD 15-minute chart

Price action moving via a range-block, subject to an imminent breakout.

Spot rate: 30.0779

Relative change: -4.35%

High: 33.47

Low: 31.03

Trend: Neutral

Resistance 1: 34.56, daily pivot point resistance.

Resistance 2: 36.30, daily resistance area.

Resistance 3: 39.05, daily resistance area.

Support 1: 30.07, near-term ascending trend line.

Support 2: 27.32, daily pivot point support.

Support 3: 25.58 , daily pivot point support.

LTC/USD 60-minute chart

As detailed, the next move from this range-block is vital. An ascending trend line can be seen as a cushion near-term for bulls.

LTC/USD daily chart

Bulls are struggling to breakdown the supply area of $33-36.

Author

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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