Long-Term Outlook

Litecoin Weekly Chart – Source Tradingview.com

A look at the Weekly chart for Litecoin shows that the price is trading below the minor resistance area near $80.

It is trading above the 21 and 200-period moving average but below the 50 and the negative Ichimoku cloud. It is facing very close resistance from the 50-period MA.

It has made five bullish weekly candles in a row The closest resistance area is near $80, coinciding with the edge Ichimoku cloud, while the closest support area is near $28.

The RSI is at 56, indicating neither overbought nor oversold conditions, while the MACD has made a bullish cross and is moving upward and is almost positive.

Medium-Term Outlook

Litecoin 3-day Chart – Source Tradingview.com

A look at the 3-day shows that the price has finally broken out of the Ichimoku Cloud.

Furthermore, the 21 and 50-period moving averages have made a bullish cross and are offering support to price.

The MACD is into positive territory but seems to be losing strength.

On a negative note, there is some bearish divergence developing in the RSI.

Litecoin Daily Chart – Source Tradingview.com

A look at the Daily chart gives us a trading structure.

We can see that the price has been following an ascending support line for the past 101 days.

It also shows us the minor support areas near $49 and $42 and a minor resistance area near $65.

The chart shows a more pronounced bearish divergence in the RSI.

Furthermore, there is some divergence developing in the MACD, which has made a bearish cross and is moving downward.

Short-Term Outlook and Price Prediction

Litecoin 6-hour Chart – Source Tradingview.com

A look at the 6-hour chart shows that the price has been trading inside an ascending wedge for the past 17 days.

Furthermore, there is a very pronounced bearish divergence developing in the RSI.

Price Prediction:

I believe that during the next week the price will break down from the ascending wedge and fall to the support area near $48.

Conclusions:

  • There is resistance near $80 and support near $28.
  • There is a medium-term bearish divergence.
  • The price is trading inside an ascending wedge.

Latest Litecoin News:

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