Litecoin price analysis: Flirts with long term support and medium term resistance; founder regrets selling entire stake

LTC trades above long term support but below medium term resistance.
Founder Charlie Lee regrets selling entire stake in December.

Manoj B Rawal Independent Analyst

Litecoin is trading in the green on the weekend after falling more than 5 percent on Friday as the price of the crypto keeps trading within the trendlines that act as long term support and medium term resistance.

LTC/USD is up nearly 2 percent at $148.54 for the day and also for the week after it see-sawed in the range that falls between those two trendlines. Litecoin founder Charlie Lee, on Friday revealed in an interview that was streamed live on Youtube that he regrets selling his entire stake before Christmas.

"I still think it was the right move but I question whether — I think in the long run it was the right move but in the short term while the price is down, below the all-time high, it just feels like it's not the right decision," Lee said.

For Litecoin to continue rallying up, it needs to cross past the descending trendline which is at $162 currently. Immediate resistance stands now at $151 and $156 while supports are placed at $142 an $139.

Author

Manoj B Rawal

Independent Analyst

Manoj B Rawal, financial markets professional with about 11 years of experience in writing, editing and advising on stocks, currencies and fixed income.

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