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Litecoin (LTC) Price Analysis – June 23
The growth of Litecoin (LTC) has attracted investors, currency exchanges and merchants. LTC could reach a new record before the end of 2019.
LTC/USD Market
Key Levels:
Supply levels: $160, $165, $170
Demand levels: $110, $105, $100
In the last month, LTC increased from $100.71 to its current value of $139.94 on June 23, 2019 (as shown in the daily chart), showing an upward trend of more than 39%. During the month, the currency grew exponentially to $145.62. The momentum was taken just after June 10 and since then there has not been a dull moment in the LTC growth.
In addition, the LTC moves in the symmetrical triangle and trade well above the 21-day MA. The coin has maintained a constant growth trajectory for a few days. Soon it could break the $150 mark and approach the supply levels of $160, $165 and $170. The demand levels to see are $110, $105 and $100 because the RSI 14 is still very close to the overbought territory.
LTC/BTC Market
When looking at LTC against the BTC market, we can see that the price has fallen significantly for more than a week as the market approaches the May increase level at the request of 0.0129BTC. The daily MACD had a great impact on the sale since it is now bearish and the price is moving below 21-day MA.
When the Litecoin falls below the demand level of 0.0129BTC, it could significantly lower the price to 0.0099BTC and below. In case of a rebound, we can test the 0.0170BTC and the 0.0180BTC before resuming the rally. If the bulls manage to stay well above the 21-day moving average, we could see a bull-run. But with the current trend, bears are very dominant because the new low may be created.
Please note: insidebitcoins.com is not a financial advisor. Do your own research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.
