Litecoin Bounced After Meeting Strong Support, Will The Rise Continue?

Litecoin Bounced After Meeting Strong Support, Will The Rise Continue?
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Litecoin (LTC) Price Analysis – June 19

Litecoin markets appeared to be taking a new trend direction upward as the bulls are beginning to show interest in the market after a retracement. Over the past 24-hours, the LTC market has recorded a 3.98% gain which led to the current trading price at around $139. By market cap, the fourth largest cryptocurrency holds a trade volume valuation of $3.8 billion.

LTC-USD Market

Key Levels:
Resistance levels: $150, $160, $170
Support levels: $130, $120, $110

Following the ascending channel pattern, Litecoin has seen a significant rise over the past thirty days as the market remains around the upper channel for the past seven days, which has now formed a double-bottom pattern. This pattern may prime a channel break up for the market to the $150, $160 and $170 resistance. The MACD appeared to take off.

LTCUSD-4H-Chart-June-19

Looking at the4-hours Stochastic RSI, we can see that the market is currently at the overbought territory as it is getting ready to fall. The potential supports to watch out for lie at $130, $120 and $110. As it appeared on the medium-term trend, the bulls are actually gaining control of the market.

LTC-BTC Market

Pairing Bitcoin, Litecoin price has been drastically low over the past seven days, plunging the market to the 0.0142BTC, where the trend line lies. As it appeared on the chart, LTC is now slowly rising as the buyers seemed to be stepping into the market. The 0.016BTC is a close-by resistance for the bulls. Above this resistance lies further resistance at 0.0175BTC.

LTCBTC-4H-Chart-June-19

On the 4-hours MACD, the LTC market is rising from the negative zone. If the buying pressure breaks above the zero level, we may see a significant positive movement in the market. Considering the 4-hours Stochastic RSI, the market is at the overbought zone, signaling a bearish drop. The likely support to expect the price is located at 0.014BTC and below.

Please note: insidebitcoins.com is not a financial advisor. Do your own research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

About AzeezMustaph

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Azeez Mustapha is a technical analyst, has many years of trading experience in the stock exchange and the crypto markets. He has broad experience in Forex trading, coaching, and funds management

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