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Technical Analysis for LTCUSD for 29th August 2022

Litecoin Bulls Firm but Capped below $58 and the 20-day MA

Past Performance of Litecoin

Litecoin is surprisingly firm, gauged from its performance in the daily chart. After steep losses at the tail end of last week, Litecoin bulls flew back, propelling the coin higher over the weekend. Presently, LTC is in the green territory in the past 24 hours and looks likely to reverse the losses of August 26.

Litecoin Technical Analysis

LTC is up roughly seven percent from 2022 lows and in green in the past 24 hours. Even so, the coin is within a bearish breakout formation and trading below the flexible resistance line marked by the 20-day moving average. Immediate trigger lines are at $58 and $60, at around the August 19 high. On the lower end, dips below last week's lows at $51 may see LTC post more losses. Risk-aggressive traders may unload on every attempt higher with sights set at $50, or lower, as they trade with the primary trend. On the reverse side, conservative traders may wait for a clean drop, preferably with rising trading volumes, below $50, targeting 2022 lows at $40.

What to Expect from BTC

The coin is firm at spot rates. Depending on how prices react in the immediate term, August 26 losses may turn to be climactic if prices edge higher, breaking above $60 with expanding volumes. Conversely, Litecoin may swing back to trend if there are sharp losses, diffusing the bullish momentum posted over the weekend.

Resistance level to watch: $58

Support level to watch: $51

Disclaimer: Opinions expressed are not investment advice. Do your research.

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