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LTC/USD: Price sits on $41.50 support line as market breakout is on the horizon

LTC/USD currently sits on the $41.50 support line as bears dominate the market in the last two days.
Technical analysis shows that a price breakout is on the horizon.

Rajarshi Mitra Independent Analyst

LTC/USD market is currently sitting on top of the $41.50 support line. The bulls need to buckle up because technical analysis shows that a breakout is on the horizon.

LTC/USD daily chart

The LTC/USD bears have broken past the $41.50 support line.
The moving average convergence/divergence (MACD) histogram shows that the market’s overall bullish sentiment is reversing its trend.

LTC/USD 4-hour chart

LTC/USD 4-hour market forms multiple bearish flags ripe for a breakout.

LTC/USD hourly chart

LTC/USD hourly chart shows that the bulls are trying to fight back.
The market is trending along the 20-day simple moving average (SMA 20) curve.

Key Levels

Resistance 3: $44.5394
Resistance 2: $43.4894
Resistance 1: $42.4348
Pivot Point: $41.3848
Support 1: $40.3302
Support 2: $39.2802
Support 3: $38.2257

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.

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