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Litecoin (LTC/USD) Recovering, but $100 is a Tough Barrier

On June 12, we noted that Litecoin (LTC/USD) was testing a shaky support around $100. We warned that it was probably not going to hold.

Will Litecoin Hold Above $100? Probably Not (6/12)

We also projected downside to the $70-$75 area, with the most aggressive projection to $60. So far the first support area held and LTC/USD is making at least a short-term recovery.

LTC/USD 4H (Coinbase)

Short-term Price bottom:

  • In the 4H chart, we can see that price essentially consolidated and is now rallying from this bottom, maybe double bottom.
  • But we can see that as price approaches $100, it will be attacking the center of the previous consolidation around $100. Price would also be challenged by the 200-period simple moving average (SMA) in the 4H chart. 
  • Price would also be challenged by earlier support/resistance pivot area that we can see more clearly on the daily chart.
  • This whole $100-$110 area should be seen as a resistance zone.
  • It is too early to call a bullish recovery, other than for the short-term.
  • If price starts to anchor above $80, and $90, then we should have more confidence for the recovery. But even in this scenario, I would limit he bullish outlook to $140, which is more than 70% above the current price around $85. But price fell from $180 in May to about $72 in June, so the is within reason.

LTC/USD Daily Chart (Coinbase)

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