CryptoPotato
CryptoPotato
  • Crypto News
  • Margin Trading
  • Guides
    • Bitcoin & Crypto Guides 101
    • Bitcoin For Beginners
    • Editorials
  • DeFi & NFT
  • Buy
  • Language
  • Crypto News
  • Bitcoin For Beginners
  • Cryptocurrency Guides 101
  • Editorials
  • Bitcoin & Crypto Margin Trading
  • DeFi & NFT News
  • Bitcoin Price Analysis
  • CryptoPotato Crypto Fund
  • Ethereum (ETH) Price Analysis
  • Ripple (XRP) Price Analysis
  • Market Updates
  • Interviews
  • Buy Bitcoin with Card
  • bitcoin
    BTC$22,827.00
  • ethereum
    ETH$1,570.27
    • Market Updates
    • BTC Analysis
    • ETH Analysis
    • XRP Analysis
    • Interviews
    • Opinions
    CryptoPotato
    CryptoPotato
    • Crypto News
    • Margin Trading
    • Guides
      • Bitcoin & Crypto Guides 101
      • Bitcoin For Beginners
      • Editorials
    • DeFi & NFT
    • Buy
    • Language
    • Crypto News
    • Bitcoin For Beginners
    • Cryptocurrency Guides 101
    • Editorials
    • Bitcoin & Crypto Margin Trading
    • DeFi & NFT News
    • Bitcoin Price Analysis
    • CryptoPotato Crypto Fund
    • Ethereum (ETH) Price Analysis
    • Ripple (XRP) Price Analysis
    • Market Updates
    • Interviews
    • Buy Bitcoin with Card
    Home » Price Analysis » Litecoin Price Analysis: Litecoin Struggling Upon Reaching $70; Will the Significant Support Hold?

    Litecoin Price Analysis: Litecoin Struggling Upon Reaching $70; Will the Significant Support Hold?

    Author: Yaz Sheikh

    Last Updated Dec 17, 2019 @ 15:08
    Litecoin has seen a further 5% price decrease over the past 24 hours, declining to $70. This latest price drop is mostly a result of Bitcoin having dropped back beneath the $10,000 region as things have started to look bleak for the overall cryptocurrency market.
    Litecoin remains the fifth-largest cryptocurrency by market value with a market cap of $4.47 billion. Trading against Bitcoin, Litecoin managed to rebound at 0.007 BTC, but if this support were to break, we could see Litecoin trading at $50 in the next few weeks.

    Looking at the LTC/USD 1-day chart:

    • Since our previous Litecoin analysis, Litecoin has fallen back to the support at the $70 level. This market seems to be on bearish footing, mainly due to the recent BTC breakdown. However, Litecoin’s fortunes could change upon reaching the significant support level around $67.
    • From above: The nearest levels of resistance are $74.72 and $77.45. Above this, higher resistance lies at $80, $84.77 and $88 (the 200-day EMA). If the bulls can break above the 200-day EMA, further resistance lies at $90, $95-$96.18 and $100.
    • From below: The nearest level of support is located at $67.23, provided by a short-term downside 1.272 Fibonacci extension. This level of support is further bolstered by a long-term rising support line. This combined area of support is expected to allow the market to rebound. If the sellers break beneath this level, further support can be found at $65, $63, $60.91 and $56.60.
    • The trading volume remains low, in line with the rest of the market.
    • The RSI is below 50, showing that sellers are in complete control.

    ltcusd_aug21-min

    Looking at the LTC/BTC 1-day chart:

    • Trading against Bitcoin, LTC has fallen lower but managed to find strong support at 0.007 BTC. Like the majority of altcoins, Litecoin’s forecast is dire. However, if BTC does continue to fall in value, we may see a resurgence within the altcoin markets and a surge in the LTC/BTC market.
    • From above: The nearest levels of resistance are 0.0074 BTC and 0.0078 BTC. Higher resistance is located at 0.008 BTC, 0.008244 BTC, and 0.0086 BTC. If the bulls can drive the price higher, further resistance is expected at 0.009 BTC and 0.0094 BTC.
    • From below: The nearest level of support is 0.0070 BTC. If the sellers push the market beneath this level, additional support is expected at 0.0068 BTC, 0.0065 BTC, 0.006380 BTC, and 0.0060 BTC.
    • The RSI is rising, which is a promising sign, as it shows that sellers are losing strength. However, we would need to see the RSI break above 50 for any bullish recovery to occur. The Stochastic RSI is looking to produce a bearish crossover signal which could be a bad sign for the bulls.
    ltcbtc_aug21-min
    SPECIAL OFFER (Sponsored)
    Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

    PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.


    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

    Cryptocurrency charts by TradingView.
    Tags: Litecoin (LTC) Price
    Enjoy reading? Share with your friends
    Facebook Twitter LinkedIn Telegram

    About The Author

    Yaz Sheikh
    More posts by this author

    Yaz is a cryptocurrency technical analyst with over seven years of technical analysis trading experience. As an Economics graduate, he has taken a keen interest in the future potentials of blockchain in the financial industry. Removing crypto from the equation, Yaz loves to watch his favorite football team and keep up-to-date with the latest fights within the UFC.

  • bitcoin
    BTC$22,827.00
  • ethereum
    ETH$1,570.27
  • Join Our Community

    FacebookTwitter YouTubeTelegram


    Editorials
    How Long Will the Ethereum LSD Narrative Last? Talking 2023 Trends with Nansen’s Martin Lee

    How Long Will the Ethereum LSD Narrative Last? Talking 2023 Trends with Nansen’s Martin Lee

    Everything That’s Going on With Pi Network: From Start to Latest Controversial Listing

    Everything That’s Going on With Pi Network: From Start to Latest Controversial Listing

    What is Ethereum Liquid Staking and Why It Is Crucial As Shanghai Upgrade Approaches?

    What is Ethereum Liquid Staking and Why It Is Crucial As Shanghai Upgrade Approaches?

    The Lesson in Alameda-FTX About Government Regulation and Crypto (Opinion)

    The Lesson in Alameda-FTX About Government Regulation and Crypto (Opinion)

    5 Bullish and 2 Bearish Cases for DeFi Going Into 2023 (Opinion)

    5 Bullish and 2 Bearish Cases for DeFi Going Into 2023 (Opinion)

    From Google and Microsoft to Binance: Interview with Head of Product Mayur Kamat

    From Google and Microsoft to Binance: Interview with Head of Product Mayur Kamat

    13 Biggest Crypto Scandals and Controversial Stories of 2022

    13 Biggest Crypto Scandals and Controversial Stories of 2022

    Join Our Newsletter
    Become a CryptoPotato VIP
    One Weekly Email Can Change Your Crypto Life.
    Sign-up FREE to receive our extended weekly market update and coin analysis report
    We NEVER send spam. You can unsubscribe at any time.
    Invalid email address
    Thanks for subscribing!
    Footer Logo
    About
    Advertise on CryptoPotato
    About Us | Contact Us | Careers
    Editorial Policy
    Terms of service | Privacy Policy | GDPR
    More Sections
    IEO List | Evaluations
    Airdrops
    Scholarship
    Disclaimer
    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. Full disclaimer
    © Copyright CryptoPotato 2016 - 2021
    Scroll to top
    One Weekly Email Can Change Your Crypto Life.

    Sign-up FREE to receive our extended weekly market update and coin analysis report

    We never send SPAM. You can unsubscribe at any moment
    Invalid email address
    Thanks for subscribing!