At BeInCrypto, we offer regular price analyses of LTC and other cryptocurrencies. Today, we are beginning a new series of monthly price analyses for several cryptocurrencies including Litecoin.
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 Movements
The 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 $50
The 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 Top
The 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 Period
Since 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 Analysis
In 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.Trusted
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.
(I do not have a discord and will not contact you first there. Beware of scammers)
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.
(I do not have a discord and will not contact you first there. Beware of scammers)
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