The price of Litecoin reached a high of $52, on February 8 and has continued to make higher highs since, culminating in $59 on March 8. Furthermore, the price is trading inside an ascending parallel channel. The resistance line is currently at $60 while the support line is at $49. There is also a minor support area near $55. The price has generated some bearish divergence in the RSI and the MACD, but is trading above medium-term moving averages.
- There is significant support at $49
- There is minor support at $55
- There is significant resistance at $60.
- Price is trading inside an ascending horizontal channel.
- There is medium-term bearish divergence developing.
Litecoin Analysis – LTC/USD – 2-Hours Chart Chart Source: Tradingview, Bitfinex
A look at the 2-hour chart shows that the price is currently trading close to $60, very close the resistance line that has been in place for the past 30 days and has been validated five times. Also, the price has been following an ascending support line which has likewise been validated five times.
As for the indicators, the price is trading below the 21 and 50-period moving averages which have made a bullish cross and are offering support to price. The RSI is currently at 70, indicating overbought conditions. There is some bearish divergence currently developing. The MACD has lost almost all of its power and is currently in the process of making a bearish cross. There is some bearish divergence developing in it also.
Litecoin Analysis – LTC/USD – 30-Minutes Chart
Chart Source: Tradingview Bitfinex
A look at the 30-minutes chart shows that the price has been trading between $55 and $61 for the past three days and five hours. The $55 level acts as a minor support area. We can see that the candles which reached $61 have long upper wicks, indicating that sellers currently have control of the market.
As for the indicators, we can see that both the RSI and the MACD made a high on Mar 5, and have continued moving lower since. However, the price has made higher highs creating bearish divergence. However, the MACD is not negative yet.
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