LTC/USD technical analysis: Litecoin meets some hard resistance
- Litecoin trades 5.5% higher as crypto sentiment remains positive.
- LTC/USD has met a strong resistance level at the consolidation high.
Litecoin has performed well, as many of the other cryptocurrencies have done, but it has come to a halt at the 58.61 consolidation high.
After the big crypto drop on 24th September, the price consolidated between 50.27 and 58.61.
On the lower timeframes, you can see a pattern of higher highs and higher lows but there is a big level to beat.
The price has now moved back to the 23.6% Fibonacci level but we need to see if it holds as support.
The volume profile on the right-hand side is showing that the price is above the value area and it could be a possible support level in the future.
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.
