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Peter Oleshchuk
Feb 11, 2022
by Peter Oleshchuk

LTC Technical Analysis: Consolidation Is Ahead

LTC

Table of contents

  1. Technical Analysis Of LTC On The Daily Timeframe
  2. The LTCBTC Price Is In A Pre-Impulse State
Everything tends to end. As sad as it may sound, it is a fact. And another confirmation of this axiom shows us the LTC weekly chart. As we can see, the powerful growth trend that buyers have been preserving and shaping since March 2020 has been broken. Sellers managed to break the bottom trend line without much effort. In addition, the LTC price was updated at least in July 2021. So buyers were able to start rebounding the LTC price. However, all this takes place at minimal volumes and can end abruptly at any moment.

LTC

For the past 2 weeks, buyers have been trying to take control of the $155 local liquidity zone. So far, this attempt does not look very sure and the probability of continuing the consolidation in the range of $108-$155 is quite high. Although this scenario is positive for the LTC market. In the case of this scenario, buyers will have a chance to start a real wave of growth. And consolidation in the range of $108-$155 will be regarded as a set of positions to bounce up. But, the loss of $108 in the weekly timeframe will mean that the LTC price will continue to fall with the next target of $78.

Technical Analysis Of LTC On The Daily Timeframe

TradingView Chart

Analyzing the movement of the LTC price on the daily timeframe, we can see that market participants have formed a triangular consolidation. On 10 February, buyers failed to break this consolidation. Now the price is likely to move to $117. In addition, we see evidence that volumes near the $108 mark have formed, which can help buyers continue to grow. A successful test of the $117 mark with a possible false break to the $108 mark will be a great signal for buyers to continue LTC growth. By taking control of $145-$155, buyers can think about the next $200 growth target.

The LTCBTC Price Is In A Pre-Impulse State

TradingView Chart

A rather interesting situation unfolded on the weekly timeframe of the LTCBTC price. As we can see, the price is moving near historical lows, if we do not take into account the strong downfall in December 2017. LTC sellers are unconfidently pushing the price lower, but trading volumes are declining. Over the past six months, the price range of LTCBTC has narrowed as much as possible. After breaking the mark of 0.0035, buyers will provoke a new growth wave to the upper trend line of the falling channel. And this is 50% of the price movement up. Though, while the 0.0035 mark is under the control of sellers and the local initiative of buyers is quite weak - we should expect a new local test of buyers for strength.

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LTC Technical Analysis: Consolidation Is Ahead
Peter Oleshchuk
Peter came to know about cryptocurrencies in 2017 and was instantly enamoured by their massive potential. As he gained more insights about the crypto market, he began writing about it. Peter's daily activity is analysis and forecasting, studying the price movements probabilities, and trying to understand the market inside. He is glad to witness such a phenomenon as cryptocurrency and decentralized finance, and to participate in it.

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