Litecoin price analysis: Defends Fib 38.2% support – Community celebrates new logotype

Litecoin has not been able to come out of the resistance channel following the selloff in the second week of January 2019. The declines found refuge at the 38.2% Fib retracement level taken between the last high at $41.59 and a low at $22.63.

The crypto has since the drop, been able to defend this support prevent declines below $30.00. Besides, at the time of writing LTC/USD is trading between the 50-day Simple Moving Average (SMA), which is offering immediate support at $31.87 and the 100-day SMA, which is currently limiting the gains at $33.27. Marginally above the moving average, the bulls will face more resistance at $34.00. The second resistance is highlighted by the supply zone at $40.00.

On the flipside, if the price slides below the 50-day SMA support, the two week’s support at the 38.2% Fib level is strong enough to act as a bouncing wall. This is likely to push the price back up towards $40.00. However, breaking the key support will see Litecoin correct lower and could test the support at $20.00.

Meanwhile. The Litecoin Foundation is reported to be sensitizing the community to adopt LTC’s new logotype that features a blue color. The community has been receptive and is ready to start adopting the new logotype that was created by an Australian company referred to as “The Tokens Agency.”