Litecoin Technical Analysis: LTC/USD price consolidates to pave way for another potential jump
- Litecoin price on Friday nursing steep losses of over 4 percent towards the latter stages.
- LTC/USD near-term range block seen at $31 up to $33.50, a break either way should see a large rush of momentum.
LTC/USD 15-minute chart
- Price action moving via a range-block, subject to an imminent breakout.
Spot rate: 30.0779
Relative change: -4.35%
High: 33.47
Low: 31.03
Trend: Neutral
Resistance 1: 34.56, daily pivot point resistance.
Resistance 2: 36.30, daily resistance area.
Resistance 3: 39.05, daily resistance area.
Support 1: 30.07, near-term ascending trend line.
Support 2: 27.32, daily pivot point support.
Support 3: 25.58 , daily pivot point support.
LTC/USD 60-minute chart
- As detailed, the next move from this range-block is vital. An ascending trend line can be seen as a cushion near-term for bulls.
LTC/USD daily chart
- Bulls are struggling to breakdown the supply area of $33-36.
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.
