LTCUSD Analysis: Inverted Hammer Pattern Is above $84.29


Bulls were able to take control of the market last week, and after touching a low of $84.29 on 26 April, the price started to correct upwards against the US Dollar.

There is an inverted hammer pattern above the $84.29 handle on the H1 timeframe. It signifies the end of a bearish phase and the start of a bullish phase in the market.

The momentum indicator is back over zero in the H1 timeframe, indicating a bullish trend. There is also an upside gap located in the 15-minutes timeframe, which indicates the bullish nature of the market. We can see the formation of the Doji candle in the D1 timeframe, indicating the neutral tone of the market.

Also, Litecoin is trading below its 100-hour simple moving average, 200-hour exponential moving average, and pivot level of $91.57.

The relative strength index is at 53.164, indicating a neural demand for Litecoin and the shift towards the consolidation zone in the markets.

Litecoin remains above some of the moving averages, which is a bullish signal at the current market level of $88.33.

The CCI is signaling neutral market conditions, which means that the price is expected to move in a narrow range in the short term.

The short-term outlook for Litecoin has turned mildly bullish.

  • Some of the technical indicators are bullish.
  • Litecoin bullish reversal is seen above the $84.39 level.
  • The RSI is neutral.
  • The average true range indicates high market volatility.

Litecoin Bullish Reversal is seen above $84.29

Litecoin continues to move in a mild bullish momentum after its recent decline below the $85.00 level.

As the prices are now moving into a narrow range, we can expect some bullish moves after the price crosses the $90.00 handle.

Some of the technical indicators are also giving a neutral tone present in the markets.

LTCUSD is about to break its classic resistance level of 89.41 and Fibonacci resistance level of 90.35, after which the path towards $95 will get cleared.

Litecoin faces resistance at $93.77, which is a 50% retracement from a 4-week High/Low, and at $96.43, at which the price crosses the 9-day moving average.

The Week Ahead

Litecoin has entered a consolidation zone, and further resistance levels are $90 and $95.

Most technical indicators are signaling bullish sentiment in the market.

Litecoin should stay above the important support level of $83.56, which is a 3-10 day MACD, and at $80.7, which is a 38.2% retracement from a 13-week low.

The short-term outlook for Litecoin has turned mildly bullish, the medium-term outlook is bullish, and the long-term outlook is neutral at present market conditions.

The weekly projection is $95, with a consolidation zone of $92.

This article represents FXOpen Companies’ opinion only, it should not be construed as an offer, invitation, or recommendation with respect to FXOpen Companies’ products and services or as financial advice.

FXOpen offers the world's most popular cryptocurrency CFDs*, including Bitcoin and Ethereum. Floating spreads, 1:2 leverage — at your service. Open your trading account now or learn more about crypto CFD trading with FXOpen.

*At FXOpen UK and FXOpen AU, Cryptocurrency CFDs are only available for trading by those clients categorised as Professional clients under FCA Rules and Professional clients under ASIC Rules respectively. They are not available for trading by Retail clients.

This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

Latest from Cryptocurrencies

Ethereum Price Falls after Exceeding $3,000 Ethereum Price Exceeds $2,800 Bitcoin Price Exceeds Psychological Level of $50k Bitcoin Recovers to January 11 Prices When ETFs Were Approved A Major Network Outage in Solana Had Little Impact on the SOL/USD Exchange Rate

Latest articles


Nvidia's Successes Helps S&P 500 Price Reach Its All-time High

Yesterday, the price of the S&P 500 stock index rose to record closing highs on Thursday. Moreover, such a growth rate (+2.11% per day) has not been observed for 13 months. Reasons for Extremely Bullish Sentiment: → Nvidia's

Forex Analysis

Market Analysis: AUD/USD and NZD/USD Grind Higher Steadily

AUD/USD is moving higher and might rally if it clears 0.6600. NZD/USD is also rising and could extend its increase above the 0.6220 resistance zone. Important Takeaways for AUD/USD and NZD/USD Analysis Today· The

Forex Analysis

Commodity Currencies Strengthen after the FOMC Minutes Publication

The fundamental data of recent trading sessions contributed to a slight strengthening of commodity and European currencies. Thus, the AUD/USD pair, after forming a bullish engulfing combination, managed to confidently gain a foothold above 0.6500. The pound/US

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 65.68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.