The current price of Litecoin (LTC) reached a high of $85.00 earlier this morning. In total LTC has gained nearly 20% over the last 24 hours. At the time of writing, LTC/USD is changing hands around $81.00.
The price is looking slightly overbought and the price may drop further as profits are taken and we could see some consolidation around this level for a few more days.
Current price of Litecoin price looks for support at $79
The initial support lies with 23.6% Fibo retracement from the recent upside move at $79.00. If that support is breached, then the price is likely to slide down towards $78.00 but should find support at around the $75 level.
The current price of Litecoin will likely enter consolidation phase with bearish bias unless we see a sustainable move above $85.00. The next focus is on the weekly SMA100 at $86.90. A move above that could see further bullish action to $90 and beyond.
Looking at future Litecoin forcasts
By looking at recent trends and patterns we can ascertain that Litecoin has enjoyed a strong start to April 2019 after what has been a fairly lackluster period of price consolidation staying around the $60.00 level.
Further analysis shows that the recent emergence of a large inverted head and shoulders pattern on Litecoin’s daily time frame has the potential to trigger an even stronger rally for LTC above the $100.00 level over the medium-term.
However, it’s also possible that the potential for a minor technical pullback may occur if bulls struggle to move the current price of litecoin above neckline resistance on the daily time frame.
In conclusion, reporting from U.Today, crypto analyst Denys Serhiichuk reported:
“Indicators suggest a possible continuation of growth and if the price tests $100, the coin will be able to run into the top 3 cryptocurrency list. The price of LTC is trading at $80.89 at the time of the writing.”
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