- Litecoin (LTC) is moving close to the descending trend line in its 3-hour technical chart. Candlestick closures above the blue trend line can carry its rise towards the levels of $98 and $103.
- However, if LTC cannot make closures above the blue descending trend line, it can extend its downward movement towards the support level of $88.88 and if it remains below the resistance level of $103, the decline can continue until the levels of $86.
- Litecoin whales are anticipating a pullback towards the range of $85 – $88 with expectations of a decline before the recent rally.
When examining Litecoin’s 3-hour technical chart, it is observed that it is moving close to the descending trend line and certain levels will be decisive. While LTC price has the potential to continue its rise with closures above the blue trend line, staying below the trend can strengthen the downward movement.
Medium-Term LTC Price Analysis
Daily LTC/USD Price ChartWhen examining Litecoin’s technical chart, as mentioned before, it is observed that the $90 level is an important support zone and it can initiate an upward movement towards the $85 level from this zone. LTC price has risen back to the $94 level with strong buying reactions from the $90 levels.
If LTC price is supported by strong buying reactions from the $90 – $85 range, it can continue its rise first towards the $105 level and then towards the $115 level. If Litecoin makes daily candlestick closures above the $115 level, it can have the potential to continue the upward trend towards $130.
However, if Litecoin makes daily candlestick closures below the mentioned support range of $90 – $85, it can extend the downward trend first towards $82 and then towards $77.
In order for Litecoin to realize this upward trend, it needs to encounter strong buying reactions above the support range of $90 – $85 and make daily candlestick closures above $85. As long as LTC price stays above the mentioned support range, it can progress towards the $130 target. However, if it makes daily candlestick closures below $85, it can extend the downward movement towards $82 and $77.
Short-Term LTC Price Analysis
When examining Litecoin’s 3-hour technical chart, it is observed that the price is moving close to the descending trend line. If LTC price makes candlestick closures above the mentioned blue descending trend line, it can continue its rise towards the $98 level and then towards the $103 level.
However, if Litecoin cannot make candlestick closures above the blue descending trend line, it can retrace its downward movement towards the support level of $88.88. As long as LTC price remains below the resistance level of $103, it can continue its downward movement towards the $86 level.
At this point, many Litecoin whales are expecting a decline towards the range of $85 – $88 before the recent rally.
