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Litecoin Technical Analysis: LTC/USD takes a huge leap for the stars

Litecoin price on Wednesday makes a chunky jump of over 7% in the session.
LTC/USD being cushioned near-term by an ascending trend line via the 15-minute chart view.
Near-term barrier within the $25 territory is proving to be a problem for greater upside.

Ken Chigbo Independent Analyst

LTC/USD 15-minute chart

Spot rate: 24.99

Relative change: +7.27%

High: 25.21

Low: 23.23

Trend: Bearish

Support 1: 24.40, ascending trend line.

Support 2: 22.67, daily pivot point support.

Support 3: 21.94, daily pivot point support.

Resistance 1: 25.00, near-term supply.

Resistance 2: 25.45, daily pivot point resistance.

Resistance 3: 26.18, daily pivot point resistance.

LTC/USD 4-hour chart

Bulls have managed to break above descending trend line, which was proving to be a tough line of resistance.

LTC/USD daily chart

Bulls heading for first daily close in the green so far this week. They mus break above $25-26 area for greater upside.

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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