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Litecoin Price Analysis, 13th June: LTC Bulls Getting Stronger

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Azeez Mustapha
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.

LTCUSD Dominant Trend: Bullish

Resistance Levels: $170, $180, $190

Support Levels: $100, $90, $80

 

Litecoin Price Analysis

The performance in Litecoin in recent days represents a phenomenon that exceeds $100 of recovered support. Litecoin price extended earnings in an ascending channel that exceeds $120 and ends up testing $130. Trading hours in Asia allowed Litecoin to break the $140 mark for the first time in 2019. A maximum of 13 months was established at $141 before falling below $140. At the same time, the Litecoin is trading at $138 above the 21-day moving average. A little above the current value, the first resistance is $143 (seller congestion zone). The next northern correction will face more resistance at the new 2019 peak. However, bulls currently have an eye on $170. The techniques remain intact, even with a drop below $140. The Relative Strength Index (RSI) at level 63.52 suggests that the LTC/USD lower support trajectory is on the downside with a steeper trend towards an uptrend in future sessions.

litecoin price chart 13th June
litecoin price chart 13th June

In addition, we have not yet seen Litecoin price fall in the same way as other cryptocurrencies in recent weeks, but the technical conditions still allow this increase to rising. Litecoin price remains well above its 21-day moving average and shows signs of slowdown with bearish candles. The 4-hour chart shows that the Litecoin price has held up better than most cryptocurrencies and has now outperformed most large-cap crypto. Although it is possible to consider an additional halving, short-term traders should be careful with possible downward corrections, since the coin is much overbought in all niches but now coming down. Initial support for long-term care is created by the confluence of MA 21 over a period of 4 hours at $100. Once this is eliminated, the downside is likely to gain more attraction with the next focus on $90 and $80 respectively.

Disclaimer: Coinnounce's views are not necessarily reflected in the articles published, and they are the sole representation of the author's opinions. Article's information should not be taken as investment advice. Risks are involved in cryptocurrency investments and trading. Readers are urged to carry out extensive research before making a decision.

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