Litecoin technical analysis: Can LTC/USD push above $130?
- LTC/USD went up from $118.75 to $120.80 this Wednesday.
- The 4-hour chart hints at upcoming bearish sentiment.
LTC/USD daily chart
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LTC/USD has gone up from $118.75 to $120.80 this Wednesday. Tuesday was pretty bearish for Litecoin as the price fell from $122.75 to $118.75. The bulls will want to overcome the loss and go past resistance at $123. The market has found support on the upward trending line. The Elliot oscillator shows two bullish sessions following nine straight bearish sessions.
LTC/USD 4-hour chart
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The 4-hour market is currently trending under the green Ichimoku cloud. The upcoming market sentiment is bearish, as per the Ichimoku indicator. The 4-hour chart is also trending below the 200-day simple moving average (SMA 200), SMA 50 and SMA 20 curves. The SMA 200 is looking to cross over the SMA 50, which is a bearish indicator.
LTC/USD hourly chart
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The hourly LTC/USD peaked above the 20-day Bollinger band before it was corrected in the latest session. The market is trending in a flag formation and is below the SMA 200 curve. The hourly chart has found support on the upward trending line and is above the SMA 20 and SMA 50 curves. The relative strength index (RSI) indicator is trending around 56.25.
Key Levels
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
