Litecoin Technical Analysis: LTC/USD holds decent gains, but at risk of a possible double top formation
- Litecoin price on Monday was seen holding gains of over 4% in the second half of the session.
- A wave of buying pressure has come into play, thanks to a breakout from a narrowing daily range formation.
- Double-top formation eyed at the 10-11th February high area, where the price has peaked today.
LTC/USD 15-minute chart
- Key near-term supporting trend line at the $46.00 protecting LTC/USD from giving up the current bull run of gains.
Spot rate: 46.52
Relative change: +4.25%
High: 47.69
Low: 43.71
Trend: Bullish
Support 1: 42.76, daily pivot point support.
Support 2: 41.45, daily pivot point support.
Support 3: 40.17, daily pivot point support.
Resistance 1: 45.35, daily pivot point resistance.
Resistance 2: 46.63, daily pivot point resistance.
Resistance 3: 47.94, daily pivot point resistance.
LTC/USD 60-minute chart
Supply area near-term via the 60-minute view is preventing a further run north for now.
LTC/USD daily chart
- Price capped by resistance seen at the high area between 10-11th February.
Author
Ken Chigbo
Independent Analyst
Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.
