Litecoin has been trading in a directionless chop for the past three days, but if we take a closer look, we can see that price is actually bouncing between some very distinct technical areas. For example, the $3.06 area has propped up the market about five times since the 21st of January. And if we look back to January 16, it’s not hard to see why price is being supported at $3.06 – this level also acted as resistance three times on that day. The $3.06 area is a major pivot zone now!
There is another very significant pivot zone that is not so visible on the 1-hour chart, but is more apparent on the 30-minute chart. The $3.14 level acted as resistance three times between the 22nd and 23rd. Litecoin broke above $3.14 on the 24th, and this area then turned in support, supporting price about four times. Price plunged underneath $3.14 today, so this level is very likely to act as resistance to any future retracements.
Disclaimer: This is not trading/investment advice!
Image Source: 1
Chart Source: https://www.okcoin.com/market.do?symbol=1
If you liked this article follow us on twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.
Bitwise Asset Management has just made its first move into tokenized funds, and it comes…
Binance just made a move that blurs the line between crypto exchange and traditional brokerage…
NEAR Protocol has had a month that most blockchain projects would stretch across an entire…
Something is becoming increasingly clear about Chainlink, the integrations are not slowing down. The protocol…
Blockchain investigator ZachXBT has flagged a major stablecoin freeze that is sending shockwaves through the…
From a primarily interest rate swap niche product, Exponent has developed into an onchain capital…