Litecoin Price Analysis: A Change in Logo Has Got the Bulls Excited; LTC/USD on Consecutive Daily Run
- The Litecoin price, aside from the small losses today, had been on a decent run higher. A run of four consecutive sessions was observed.
- LTC/USD price action via the daily chart view is moving within a bearish flag formation.
Litecoin Price Behavior
The Litecoin price has been storming higher of late, as the bull set the course for another attempt at recovery. LTC/USD is currently running at four consecutive sessions of gains. At the time of writing, it has gained as much as 13% within the mentioned period. This is the longest run of gains so far seen since mid-December, when a decent trend higher was observed. There is a notable out performance from Litecoin versus most of its peers.
Despite this current push north, LTC/USD remains stuck within a narrow daily range block. It has been confined within this since 11th January, going on 15 sessions. The upper resistance of this is observed at $34.10, the low down at the psychological $30.00 price mark. A breakout is being made difficult also by the fact that the price is moving within two strong acting supply and demand zones. Given the current run of momentum seen from the bulls, it does appear to be encouraging.
In terms of the above-detailed price behavior, the near-term supply zone ahead is seen tracking at $37-$33 range. The demand comes into play from $30.00 down to $27.50. LTC/USD has not been above or below either of this highlighted zone since 10th January. These areas have proven to be tough acting going as far back as November 2018.
Litecoin Foundation Welcomes Logo Change
Following the success of the Litecoin foundation’s sponsorship of UFC 232, where their new logo appeared, community members have given positive feedback. A new logo design has been created for LTC, which was done in partnership with the Token Agency, are a design organization based in Australia.
Technical Review – LTC/USD
Firstly, looking via the 60-minute chart view, price action within recent trading has run into near-term supply. This can be seen running from $33.50-$90 and has caused the price to top here on 19th, 20th and 24th January. The LTC/USD pair has not convincingly traded above this zone since 10th January, when the market saw a hard-double-digit fall south. Buyers observed via the hourly are holding firm, protecting the zone of $30.60-$20.
The daily chart view is somewhat technically stacked in favor of the bears. Price action has formed a bearish flag pattern. Given the most recent above-described rejection, LTC/USD will likely see a move back down to the lower acting support. Should an eventual breakout to the downside occur, eyes will be on the acting daily demand, $30-$27.50. Furthermore, a failure of this holding could see a fast move back down to the December low area, $22.
Disclaimer: The author owns Bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
Featured image courtesy of Shutterstock.