Litecoin’s price breaks out of critical resistance levels, just as the foundation moves on to partner with Glory Kickboxing, as the league’s official cryptocurrency. Are these the signs we’re seeing an end to the crypto winter of 2018? Come along as we analyze the technical price patterns, alongside their support and resistance levels of Litecoin.
LTCUSD: Monthly Chart
Currently on fifth position by market capitalization is Litecoin. The Bitcoin hard forked altcoin signals a combination of bullish accumulation from January to July ’17 in this monthly view. Likewise, a decline of hidden bullish accumulation on January ’18 and double bearish accumulation from September to October 2018 resulted in an increase in selling pressure.
The bearish accumulation resistance of December ’18 is currently threatened on the above monthly chart. Check out the update to this chart below for the final result.
UPDATED: LTCUSD Monthly Chart
Finally, at the time of the last closing price in February, the monthly chart of the LTCUSD confirms a breakout of bearish accumulation resistance at 37.687. This shows a transition from a bearish to a bullish trend. Note that this is not just the case for Litecoin, but for the entire crypto market.
The bearish accumulation pattern closed above the MA-65 (Thin Blue Line) support further stresses a rejection of the bearish trend. We project the pair to attain an earlier bearish accumulation resistance levels at 69.374, and 94.444.
LTCUSD: Weekly Chart
On December 17th ’18, a bullish regular divergence was triggered as early confirmation of the monthly chart’s bearish pressure collapse. Going forward, a combination of bullish accumulation patterns were triggered on January 21st and January 28th ’19. Again this emphasizes an increment in buying pressure. Last week’s closing price signals a bullish accumulation pattern indicating further price gains.
LTCUSD: Daily Chart
A closer view from the daily chart started with a bearish hidden divergence on 11th November ’18 as prices crashed by 55.76% for a 12% risk.
An opposite bullish divergence, in combination with a breakout of bearish accumulation on December 17th ’18, rang the bell for a bullish rally with lower risk.
On 24th and 30th January ’19, another hidden bullish accumulation pattern signaled an extension of the trend.
LTCUSD: 4-HOUR Chart
So far you will agree that divergence patterns are high probability setups, especially when in combination with a candle pattern. Again, similar to the daily chart, another bullish hidden divergence approved a continuation of the bullish trend on 15th February ’19 at 04:00.
Following a bearish accumulation on February 24th that caused a price collapse, the pair signals a trend continuation the following day.
LTCUSD: 2-HOUR Chart
Recovering from the price plummet between February 24th and 25th ’19, the LTCUSD entered into a declining channel set by bearish and bullish divergence patterns. The pair followed the path of a most recent divergence and climbs above the MA-65, establishing strong support at 43.548.
Conclusion and Projection for Litecoin
Litecoin is definitely one altcoin to HODL at the moment as it quickly attains mainstream adoption from a recent move to integrate the LTC into gloryshop.com, a kickboxing online merchandise platform, and sponsorships of MMA. The pair is a great alternative for hedging against Bitcoin’s current bearish decline. We project a first profit target at 69.374 and a second target at 94.444.
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