Litecoin Price Analysis, 15th June: Bulls Taking Charge

1 month ago

LTCUSD Dominant Trend: Bullish

Resistance Levels: $150, $170, $190

Support Levels: $105, $85, $65

Litecoin Price Analysis

Litecoin price is rearranging the uptrend after falling from the new high of 2019 to $144.20. The price fell below the level of $125 less than a day after reaching a level above $140. The $8.2 billion coins were one of the biggest gainers in the crypto market yesterday. Despite the correction, the Litecoin is still trading above a key level (previous resistance at $128). The support set at $128 today plays a key role in the current reversal above $130. The hourly chart shows the Litecoin number among the green crypto assets. As long as Litecoin remains above the trend line (the key point of the price reversal in the month of June 5), the price is likely to increase while heading to a resistance level of $150. The last level of escape for Litecoin is $150. The current trend is supported by most technical, with the RSI moving north after touching 30-level yesterday and heading to overbought territory.

Litecoin Price Chart 15th June

In addition, the Litecoin price is trading at $136. The price of the cryptocurrency is traded above the red line of the moving average with a period of 55, which indicates an upward trend in Litecoin. At the moment, the market price fluctuates near the middle edge of the Bollinger Bands indicator. As part of the Litecoin course forecast, a test level of $140 is expected. In addition, we can expect an attempt to continue the Litecoin price growth and the continuation of the uptrend. This move is for an area close to the resistance level of $150, $170 and $190. There is more hope for the buyers because the price is working in its upward movement and is gaining momentum. If the price exceeds the average limit of the Bollinger Bands to confirm its upward trend, the bulls will take control of the market before any reversal; occur, otherwise, the market will fall and could face a support level of $105, $85 and $65 respectively.

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.

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