Litecoin Price Analysis: LTC can't break past 40.00
- Litecoin trades 7.7% higher on Monday as crypto sentiment remains positive.
- LTC/USD could not break 40.00 as it was a step too far for the bulls.
LTC/USD 1-hour chart
Litecoin has had a good start to the week as LTC/USD pushed over 7% higher. Most of the major cryptocurrencies are higher but LTC/USD is the second-best performing major after Bitcoin. Since the heave falls seen between the 24th February and 12th March the price has consolidated between 25.00 and 43.97. Can the bull break out of this zone?
Looking closer at the chart, the blue psychological 40.00 level is now the closest resistance. In terms of support levels, the red horizontal line just above 34.50 is now prominent. On a bigger scale, 30.00 looks strong as the next support zone. But the bears would need to regain control to push the price there. Longer term the trend is still down until 43.97 is broken so be careful if you are counter trend trading.
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Additional levels
Author
Rajan Dhall, MSTA
FX Daily
Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.
