Litecoin (LTC) : Trends and Highlights For March 2019
- The price of LTC/USD has increased significantly in the month of March.
- Litecoin broke down from an ascending channel on Mar 11.
- It also broke down from an ascending wedge on Mar 19.
- Since the breakdown, Litecoin has been trading inside a horizontal channel.
Important MovementsThe price of LTC on Bitfinex is analyzed at one-day intervals from Mar 1 to Mar 31. We trace three important movements during this period:
- Mar 5 – Mar 9: A rapid upward move took the price of LTC above $50.
- Mar 16 – Mar 18: Litecoin reaches its monthly high before breaking down.
- Mar 23 – Mar 27: Price consolidates above $60.
Mar 5-9: LTC Breaks Out Above $50The price of LTC on Bitfinex is analyzed at one-hour intervals from Mar 3 to Mar 13 to isolate the trends for the period Mar 5-9. On Mar 5, the price reached a low of $46.40. A rapid upward move ensued later that day. It continued into the next day when a high of $58.00 was reached. On Mar 7 and 9, prices above $60 were reached. A drop from the high on Mar 9 brought Litecoin to the support line of an ascending channel: On Mar 11, Litecoin brokedown from the channel. Price dropped but stayed above $50.
Mar 16 – 18: LTC Reaches The TopThe price reached a low of $53.40 on Mar 12 following the breakdown. A reversal ensued, and Litecoin price began making successively higher lows and highs. Tracing both of these generate ascending support and resistance lines. Together, they create an ascending wedge: Between Mar 16 and 18, Litecoin experienced highs above the resistance line. These, however, did not lead to a significant breakout. On the contrary, price returned to the channel on Mar 18. The following day, a breakdown below support occurred. We successfully predicted this movement in our Mar 18 analysis.
Mar 23-27: The Consolidation PeriodSince the breakdown, the price has not reached the levels of Mar 18 again. On the contrary, a new horizontal channel developed with resistance at $63 and support at $59: In our Mar 25 analysis, we warned that the Mar 18 high of $64.20 value could be a swing high. As March ended, this still appeared true. When April began, Litecoin was still trading within the new horizontal channel.
Summary of AnalysisIn the month of March, the price of LTC enjoyed significant increases. It is currently trading inside a horizontal channel. Do you think that the Mar 18 high will be broken during the month of April? Let us know your thoughts in the comments 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.
BeInCrypto strives to provide accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. You comply and understand that you should use any of this information at your own risk. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.