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Litecoin (LTC) Price Analysis – June 12
The past three days have been an interesting momentum for LTC traders as the price adds up by $30 gain during the weekly trade. An interesting part is that Litecoin’s price is up by 9%, bagging a market cap valuation of $17 billion in the last 24-hours of trading.
Resistance levels: $150, $160
Support levels: $130, $120
Litecoin market has been impressive in the past three weeks as price action trades in an ascending channel pattern with a current trading price around $137. Meanwhile, the cryptocurrency touched $145 earlier today after breaking-up the ascending channel. LTC has since been in the middle of a consolidation, deciding on the next wave.
A possible retracement could drop the price to $130 and $120 supports, bottoming on the lower channel. Moving upward, buying pressure may further to potential resistance at the $150 and $160. As it appeared now, there’s a need for a pullback for the market to regain strength.
Observing the 4-hours RSI, the LTC trading has reached an extreme overbought condition, signaling a downtrend which may play out at any moment. The 4-hours stochastic RSI has revealed trading at the highest level as the market signals a possible drop which could fall the market to the mentioned support
Following the last month trend reversal at 0.011BTC, we have seen the upward movement which was quite notable on the structural outlook. Litecoin trading is steady around 0.0173BTC as the crypto-asset is overbought at the moment. A potential fall is around the corner.
Having gained about 70% in the course of the past three weeks trading, the market may further climb to the nearest resistance at 0.018BTC before dropping to 0.016BTC and 0.015 supports. But now, the upward momentum has been supported by the yellow trend line.
LTCUSD pair is revealed at the extremely overbought zone of the RSI, indicating that the buyers need to take a breath as the market need to retrace to the 50 level before a further rise-up. The 4-hours Stochastic RSI is at the oversold level, showing a sign of selling pressure in the market.
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