Litecoin Is Looking To Find Support: A Technical Analysis

Litecoin (CRYPTO:LTC) is one of the frontrunners in the cryptocurrency market behind Bitcoin (CRYPTO:BTC) and Ethereum (CRYPTO:ETH).

With the recent dip in the entirety of the crypto market, Litecoin lost some gains as well. Now Litecoin is looking to find some support near a previous key level and possibly start moving higher once again.

Litecoin was down 5.6% at $169.77 at last check.

Litecoin Daily Chart Analysis:

• Litecoin broke through support and now is trying to bounce at the next support level.
• The crypto is trading below both the 50-day moving average (green), and the 200-day moving average (blue), indicating recent sentiment in the crypto is likely bearish.
• Litecoin may find resistance at each of these moving averages.

Key Levels To Watch:

• Litecoin has been falling recently and looks like it may have found support near the $125 level.
• The $125 level is somewhere Litecoin was able to previously find support.
• The $250 level is somewhere Litecoin previously found resistance, and may find strong resistance here again if the price can reach this level.

What’s Next?

Bullish technical traders would like to see Litecoin stay above the $125 level and start making higher lows up to the $250 resistance. If Litecoin can break above the $250 resistance, it may see a strong upwards move.

Bearish technical traders would like to see Litecoin fall back to the $125 support and break below. If Litecoin breaks below this support, and then retests the $125 level as resistance and can’t break back above $125, it may see a further downwards push.