Litecoin (LTC) has continued to range in a channel against Tether (USDT) as it attempts to break out of the trend. The Litecoin LTC price has not seen any major changes in recent weeks, despite a change in trend across the market, as several altcoins have gained momentum and posted double-digit gains. (data from Binance)
Litecoin (LTC) Price Analysis on Weekly Chart
From the chart, LTC price observed a weekly low of $45, reversing from that area and rising to a price of $56; Looking at its all-time high above $200, it is not a lot of movement.
The weekly candle of LTC closed with a bearish sentiment, with the new week candle looking uncertain, showing signs of indecision on the part of traders.
The price is struggling to gain traction as it tries to break out of the price range in the $50-$60 area.
If LTC price maintains this structure on the weekly chart, it could quickly return to $45, acting as support and weekly lows for LTC price. LTC needs to maintain this support area to avoid a fall below the price.
Weekly resistance for LTC price – $60.
Weekly support for LTC price – $50, $45.
LTC price on daily (1D) chart
With more buy orders, LTC price may break an upside after forming a range in a channel; A breakout and retest for LTC would mean more uptrend.
To confirm LTC’s bullish sentiment, price needs to break above the range channel with good volume support.
LTC price has shown a slightly bullish pattern; If the bulls enter, LTC price could move higher towards the $80 area, which acts as a key resistance on the daily time frame.
LTC is currently trading at $56, just below the 50 exponential moving average (EMA), which corresponds to $58.
On the daily chart, the relative strength index (RSI) for LTC price is above 40, indicating a minimum buy order.
Daily (1D) resistance for LTC price – $60.
Daily (1D) support for LTC price – $50, $45.
LTC price analysis on 4-hours (4H) chart
LTC price continued to struggle below the 50 and 200 EMAs, which act as resistance for LTC price, corresponding to $58 and $56, respectively.
It needs to break the 50 and 200 EMAs for LTC to be considered bullish; If LTC fails to break above and hold the $58 and $56 prices, it will act as a resistance and the price may retest the $50 support level.
Four-hour (4H) resistance for LTC price – $58, $56.
Four-hour (4H) support for LTC price – $50.
Featured Image From CMC Markets, Charts From TradingView.com