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
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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.
