Litecoin Bulls Holding $60

10 August, 2018

Litecoin price is holding a key support near the $60.00 level against the US Dollar. LTC/USD may perhaps slowly recover as long as it is above $60.00. Litecoin price attempted a minor recovery above the $64.00 level, but failed (Data feed of Kraken) against the US Dollar.

There is a key expanding triangle forming with resistance near the $65.00 level on the hourly chart of the LTC/USD pair. The pair could attempt a recovery as long as bulls keep the $60.00 support level intact.

This week, we saw nasty declines from well above $70.00 in litecoin price against the US dollar. The LTC/USD traded lower and tested an important support near the $60.00 level.

Looking at the chart, LTC price formed a low near $61.06 yesterday and later recovered. However, upsides were capped and later a new low was formed at $60.28.

Finally, there was a decent recovery above the $64.00 level. The price also moved above the 23.6% Fib retracement level of the last decline from the $75.13 high to $60.28 low. However, the upside move was capped by the $65.00 resistance.

At the moment, it seems like there is a key expanding triangle forming with resistance near the $65.00 level on the hourly chart of the LTC/USD pair. The pair is currently moving lower and it could revisit the $62.00 support.

Below this, the last swing low at $60.28 is a key support followed by the $60.00 level. Below this last, the next key support is near the $56.00 level.

On the upside, if the pair manages to break the $65.00 level, it could test the 50% Fib retracement level of the last decline from the $75.13 high to $60.28 low at $67.70. Above this, the price may well move towards the $68.00 and $69.00 levels.

Overall, litecoin price is holding the $60.00 support area and as long as bulls are active above $60.00, there could be a decent recovery in the near term.


Source link  
Why Crypto Went Wild in November

Until the start of November, crypto volatility was trending down. Then, several major events happened and the whole cryptosphere went off the charts...

Waves cryptocurrency rate jumped 50%

Waves, a token platform with the web developer generation in mind, has seen its base token rise nearly 50 percent over the last 24 hours amid a generally...

Bitcoin here for the longterm

Bitcoin has now risen around 15 percent in the last 3 days, continuing its high volatility that was witnessed earlier in the year and still...


Bitcoin sinks deeper into the abyss

It is quite thought-provoking how this time last year Bitcoin was proudly marching towards the $10,000 level. Fast forward 12 months, the cryptocurrency...

Crypto traders in panic mode

In the Cryptocurrency world, traders are no longer worried about price movements as much as the fate of these currencies. A fall from almost $20,000...

Ethereum Drops Under $100

In the past seven days, the crypto market has experienced a drop of more than $63 billion, as major cryptocurrencies recorded double-digit drops. Bitcoin...


Crypto Market Loses $6 Billion

More than $6 billion was wiped out of the cryptocurrency market as Bitcoin (BTC), the most dominant cryptocurrency in the market, recorded a loss of 8.6 percent...

Cardano Very Bearish Below 6 cents

Underpinning Cardano are three core objectives guiding its roadmap: the growth of the community and its needs, a distributed and resilient...

Bitcoin Price Bounces Back

The bitcoin price on Wednesday showed signs of recovery after two weeks of massive selling action. The BTC/USD rate surged as much as 7 percent...

  


Share: