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Litecoin is preparing to start an upward trend! August 16 LTC Analysis

    • Litecoin (LTC) daily technical chart shows an upward trend with daily closes above the $77 support. In this case, the targets of $83.50 and $92 come to the forefront.
    • If the LTC price closes below $77, a downward movement towards $75 and then $71 levels can be observed.
    • Investors should direct their spot investments below the $77 level as a stop and pay attention to the closes below this level.

When examining the 3-hour technical chart of LTC, it can be seen that it has risen with a strong buying response from the $75.69 – $77 range. If the price stays above $77, the target of $78.60 comes to the forefront. However, closes below $75.60 can trigger a decline. It is important for LTC to stay above $75 to reach the targets of $80.68 and $87.

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 it is in a position close to a critical support level. As long as the LTC price closes above the $77 support on a daily basis, it can continue its upward trend. In this case, it has the potential to move the upward movement primarily to the level of $83.50 and then to the level of $92. However, for LTC to reach these targets, it needs to hold firmly above the $77 support.

If the Litecoin price closes below $77 on a daily basis, the downward movement can continue to the level of $75 and then to the level of $71. For LTC to strengthen its upward trend, it is crucial for it to continue its daily closes above the $77 support.

LTC investors can make their spot investments from this area with a stop below $77. However, caution should be exercised in case of daily closes below the $77 level.

Short-Term LTC Analysis

3-Hour LTC/USD Price Chart
3-Hour LTC/USD Price Chart

When examining the 3-hour technical chart of Litecoin, it can be observed that the LTC price received a strong buying response from the critical support zone of $75.69 – $77 levels and this led to its rise to the levels of $78.60. As long as the LTC price continues to stay above the mentioned support zone, it can expand its upward movement primarily to the level of $80.68 and then to the level of $87.

However, if the LTC price closes below the level of $75.60 for 3-hour candlesticks, the downward trend can continue to the level of $73 and then to the level of $68. For LTC to re-enter the upward trend, it needs to maintain its price movement above $75.

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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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