Litecoin Price Analysis, 11th June: Pre Halving Bulls Have Arrived?

LTCUSD Dominant Trend: Bullish

Resistance Levels: $150, $155, $160

Support Levels: $90, 80, $70

Litecoin Price Analysis

Litecoin has exceeded $120, starting the week in green. The price has risen by almost 9% for the day and should still recover. The price of the cryptocurrency is negotiated well above the 21-day EMA and this indicates an uptrend in Litecoin. Currently, the litecoin price has crossed the upper border of the Bollinger Bands indicator, while the RSI 14 signal line confirms it presently trading in the overbought territory. As part of Litecoin’s course forecast, a demand level of $90 is expected. This is where we can expect an attempt to continue litecoin price growth and the development of the uptrend. The purpose of this move is when the market price moves up close to the $150 supply level. As a result, Litecoin’s prudent purchasing area is near the lower edge of the Bollinger Bands indicator band at a demand level of $70.

Litecoin Price Chart 11th June

In addition, we have not yet seen the decline in litecoin price in the same way as other cryptocurrencies in recent weeks, but the technical conditions still allow for an increase in the rise. Litecoin price remains well above its 21-day exponential moving average and shows no signs of slowing down. The 4-hour chart shows that Litecoin has held up better than most cryptocurrencies and has now moved higher than most large-cap cryptos. If the rally continues while BTC/USD points to a double high, we could see a Litecoin rally to retreat 38.2% of its historic high. This would be the best time to wait for a downward trend. For now, the price has enough room for recovery and can be expected to maintain its upward trend as long as the cryptocurrency market continues to recover.

Azeez Mustapha @ItuGlobal

Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager - as well as an author.

Recent Posts

JPMorgan: Bitcoin Markets Now Have a Greater Influence from Institutional Investors

JPMorgan Chase, the largest bank in the US in a recent report outlined that the Bitcoin markets have changed since…

1 hour ago

Coincheck Hack: Associated with Russian Hacker Group

New findings into Coincheck, a Japan-based cryptocurrency exchange that was hacked in January 2018 reveals that employees’ computers were infected…

2 hours ago

The Bitmain Lawsuit: Seeking $4 Million from Ex-employees

Bitmain, one of the largest cryptocurrency mining companies in the world is suing three of its ex-employees for launching a…

2 hours ago

Facebook Libra Association: All you need to know

The cryptocurrency industry space has seen growth and massive innovations in recent times. The recent trend in the industry has…

7 hours ago

Ripple Price Analysis, 17th June: XRP trading with a Bullish Momentum

XRPUSD Dominant Trend: Bullish Resistance Levels: $0.46, $0.48, $0.50 Support Levels: $0.38, $0.36, $0.34   Ripple Price Analysis At the…

13 hours ago

Ethereum Price Analysis, 17th June: ETH Following Bitcoin

ETH/USD Dominant Trend: Bullish Resistance Levels: $290, $300, $310 Support Levels: $230, $220, $210   Ethereum Price Analysis Ethereum price…

13 hours ago

This website uses cookies.