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Litecoin Price Analysis: Where are the support levels? Maybe 46.00 will work

  • Litecoin is down another 5% on Wednesday as crypto sentiment struggles again.
  • There are some support levels close by but they are from some time ago.

LTC/USD 4-hour chart

Litecoin is looking bearish again and the price is trading another 5% lower on Wednesday. This comes after a heavy fall over the weekend. Looking at the prices now it's hard to see any support levels close by. This led me to look further back to see if there was any meaningful support zones in the past that could be used in the nearer term.

The chart has been another but lower high and lower low waves as the pair remains in a technical downtrend. The levels in the chart below have been picked out from the time between December 2019 and January 2020.

The first major support level is in blue and its at 46.00. This level was used in early December at the consolidation high. It was used on multiple occasions to good effect and might act as a decent support this time around. The black line was a 

Litecoin levels

Additional levels

LTC/USD

Overview
Today last price47.7922
Today Daily Change-2.3661
Today Daily Change %-4.72
Today daily open50.1583
 
Trends
Daily SMA2063.1461
Daily SMA5066.6423
Daily SMA10056.0696
Daily SMA20058.3479
 
Levels
Previous Daily High51.4533
Previous Daily Low48.8833
Previous Weekly High63.8958
Previous Weekly Low56.1364
Previous Monthly High84.4232
Previous Monthly Low56.6073
Daily Fibonacci 38.2%49.8651
Daily Fibonacci 61.8%50.4716
Daily Pivot Point S148.8766
Daily Pivot Point S247.595
Daily Pivot Point S346.3067
Daily Pivot Point R151.4466
Daily Pivot Point R252.7349
Daily Pivot Point R354.0166

Author

Rajan Dhall, MSTA

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

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