Cryptocurrencies

Crypto Analysis Report 2-12-19…Litecoin Is At Another Critical Level

The last time I spoke about Litecoin, price was at a do or die price level,

Crypto Analysis Report 1-20-19…Litecoin Is At A Critical Level

The level to pay close attention to on Litecoin is the $30 level. Not only is this a psychological round number, but price is attracted to this level going back all the way to May 2017.

So if price breaks below $30, the pivot low at $22 must hold. If price breaks above $30, the next test will be the daily supply at $44.

Not only did price hold the $30 level, but breached the $44 daily supply zone as well.

Litecoin has rallied sharply in the first six weeks of 2019, triggering speculation that investors may be pricing in a supply reduction that’s scheduled to occur in August.

LTC’s strong performance comes at least five months ahead of the mining reward halving, or the time at which the amount of litecoins produced as a network subsidy for each transaction block falls is cut in half. On Aug. 8, the mining reward will be reduced from 25 LTC to 12.5 LTC.

Source

So where is the price of Litecoin heading next, lets go to the chart?

Price is yet at another longer term support-resistance line at the $45 level.

Because price is basing right now, the next move could be up or down. However, I believe the low is in at $24. The chart suggests if breaks to the upside, the next level to pay attention to is the $84 daily supply zone.

The white rectangle represents filled orders, so price shouldn’t have too much of an issue getting through this area.

This post is my personal opinion. I’m not a financial
advisor, this isn’t financial advise. Do your own research before making
investment decisions.

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