On Apr 11, 2019, the price of Litecoin reached an hourly high of $88.47 and €78.73.
Price has since been decreasing, trading along a gradual downtrend.
Lows near $70 and €62 were reached on Apr 24. Will Litecoin keep decreasing or will a reversal bring new highs?
SponsoredLet’s find out:
Litecoin (LTC): Trends And Highlights For April 25, 2019
- Both LTC/USD and LTC/EUR have been on a downtrend since Apr 11.
- Litecoin is trading inside a descending wedge.
- Bullish divergence is developing in the RSI.
- There is resistance near $76/€67.
Descending Channel
On Apr 11, the price reached an hourly high of $85.50. Several market cycles have been completed. The price has made lower highs each time.
Tracing these highs gives us a descending resistance line:
On Apr 11, the price reached a low of $75.53. A gradual increase was followed by a gradual decrease. The price has made several lower lows. Tracing these lows gives us a descending support line.
The support and resistance lines combine to create a descending wedge:
Litecoin is likely to trade inside the confines of the channel until a decisive move occurs. In order to predict the direction of the move, we need to take a look at technical indicators.
Technical Indicators
On Apr 21, the price reached a low of $74.0. It made a lower low of 70.6 on Apr 24.
Similarly, the RSI made the first low on Apr 21. However, it has continued to generate higher values since.
The use of this indicator and the creation of a bullish pattern makes it likely that the price will increase towards the resistance line of the wedge.
Future Movement
To better determine actual future price levels, we examine resistance areas.
The closest resistance area is found near $76 and €67. We believe that the price will reach this area.
Summary Of Analysis
Sponsored SponsoredBased on this analysis, it is likely that the price will move towards the resistance line of the wedge. An eventual breakout is likely.
Do you think the price of LTC will break out from the wedge? Let us know in the comments below.
If you’re interested in 2019 and 2020 price predictions for Litecoin in dollars, click on the green button below
Disclaimer: This article is not trading advice and should not be construed as such. Always consult a trained financial professional before investing in cryptocurrencies, as the market is particularly volatile.
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