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Can Litecoin Start its Rise from Criticism Support? August 3 LTC Analysis

  • In the 4-hour technical chart of Litecoin (LTC), the support range between $85.77 and $83.35 plays an important role. Strong buying reactions from this region can contribute to the start of an upward trend.
  • If the LTC price closes above $95 for 4-hour candles, it can continue its upward movement towards the target of $103.
  • If the LTC price closes below $83 for 4-hour candles, it may continue the downward trend towards the $80 levels.

The observed support and resistance levels in Litecoin’s technical chart provide important clues about its future movements. Encountering strong buying reactions can initiate an upward trend, while closing below critical supports can accelerate the decline.

Medium-Term LTC Analysis

Daily LTC/USD Price Chart
Daily LTC/USD Price Chart

When examining the daily technical chart of Litecoin, it can be seen that if the LTC price encounters strong buying reactions at the mentioned support ranges of $87.62, $83.86, and $80.11, it can initiate the upward trend from these support levels and reach up to $132 levels.

Especially, if the LTC price receives positive reactions at the support ranges of $87.62, $83.86, and $80.11, it can increase the upward potential and contribute to its movement towards the first resistance level of $97.

However, if the Litecoin price closes above $97 on a daily basis, it is likely to continue its upward movement towards $115 levels. On the other hand, if the LTC price closes below $80 on a daily basis, it can be expected to continue its decline towards $77 levels.

Short-Term LTC Analysis

4-Hour LTC/USD Price Chart
4-Hour LTC/USD Price Chart

When examining the 4-hour technical chart of Litecoin, it can be observed that the LTC price is following a trajectory close to the support range between $85.77 and $83.35. If Litecoin price encounters strong buying reactions from this critical support zone, it can initiate the upward trend from this region and rise towards $95 levels.

If the LTC price closes above $95 for 4-hour candles, it can continue its upward movement towards $103 levels. The black lines indicated in the analysis represent these upward targets.

However, if the Litecoin price closes below $83 for 4-hour candles, it may initially aim to continue its downward movement towards $80 levels. If the LTC price closes below $80 levels, the possibility of continuing the downward trend towards the critical support level of $77 may arise.

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Lucien Renard
Lucien Renardhttps://en.coinotag.com/
Lucien Renard is a 24-year-old writer specializing in cryptocurrency analysis and price action. With a focus on technical analysis, Lucien provides valuable insights into market trends and potential opportunities for investors.
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