Litecoin Price Analysis: LTC Looks Bullish But Pattern Formation Suggests Bearish

• Litecoin (LTC) carves a rising channel pattern after rebounding from the August 30 low at $62.
• The LTC market follows a short-term bullish trend, but the price is now facing $66 support after breaking the crucial resistance at $70.

In our previous Litecoin’s price analysis, we mentioned the potential break-down at the $70 support level which has now turned resistance after the September 11 bear surge.

Litecoin is currently in a downward range, but the price has been following a short-term bullish for the past few days with a monthly high at $73 price level. However, the ongoing price drop has brought LTC down by 1.57%, remaining the 5th largest best-performing cryptocurrency by market cap.

Litecoin’s Current Statistics

Trading Price: $67.8

Market Capitalization: $4,308,239,979

Trading Volume: $2,352,517,301

Key resistance levels: $70, $72, $74

Key support levels: $66, $64, $62

Litecoin (LTC) Price Prediction for September 13, 2019

On August 30, Litecoin’s price rebounds sharply after falling massively at $62.3; followed by higher highs and higher lows pattern to $71 at the channel’s upper boundary before retracing back to $64, where the lower boundary is positioned. With a double-bottom formation, LTC took a bullish leap to $72 and currently priced at $67.8, approaching the channel’s lower boundary again at $66.

If the lower boundary breaks this time, the price may slide back to $64 and $62 support – meeting the August low. If the price can keep respecting the channel pattern, we can then expect a bullish continuation after testing the $66 support. The next level of resistance to keep an eye on is the $70, $72 and $74 on a short-term.

Conclusively

If Litecoin can continue to maintain the rising channel pattern for the next couple of days, we may witness a more bullish trend. But looking at this price formation, a bearish breakout is more likely to play out for this market.  Still, Litecoin remains bullish on a short-term.

Technical Indicator Reading

Litecoin’s RSI has reflected the September 11 break at $70, causing the market to head toward the oversold territory. The RSI 30 may once again provide a rebound level for the bulls.

Stochastic RSI for Litecoin is currently oversold at the moment due to the past few days of bearish action in the market. If the bulls can regroup, the oscillator may climb back.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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