Litecoin Price Technical Analysis (June 12): A Correction After a Rally to Come?

Litecoin LTC rising

Litecoin (LTC)trade is currently trading at $138.13. The price is in a continuous uptrend which started after the formation of a morning star pattern at the support level. This is a bullish reversal pattern.

The price is currently nearing its resistance of $142.38 after a strong rally with support at $131.68. It is suggested to wait for the price to cross the resistance level.

Litecoin price graph June 12

Dow Theory

According to Dow Theory, the digital coin is currently appearing in the public participation phase; during this phase, negative sentiment starts to dissipate. This phase tends not only to be long lasting, but also the one with the largest price movement. It is also the phase in which most technical and trend traders start to take long positions. The trendline is also acting as support.

Litecoin Dow Theory June 12

Moving Average

When taking 9 period moving averages (blue) with 21 period moving averages (red), we can see that there is a bullish crossover and the price is above 9 period moving averages, which is a positive signal indicating an uptrend.

Litecoin Moving Average June 12

Bollinger Bands

Litecoin’s price is moving between the channels, with the upper limit acting as resistance and middle average line acting as support. The price is above the upper limit and the RSI shows that the price is in the overbought region, indicating minor correction.

Litecoin Bollinger Bands June 12

Conclusion

Litecoin (LTC)trade is currently trading at $138.13. Resistance is at $142.38 and support is at $131.68. It is suggested not to take long position at this price as the price is around the resistance level; wait for the price to close above the resistance or touch the support.

Looking at the chart it is seen that the virtual coin can soon enter the indecision phase and provide opportunity for taking long positions. The overall trend is bullish with the midterm target at $167.

Pivot Points

Name S3 S2 S1 Pivot Points R1 R2 R3
Classic 81.675 90.005 103.977 112.307 126.279 134.609 148.581
Fibonacci 90.005 98.524 103.788 112.307 120.826 126.090 134.609
Camarilla 111.816 113.860 115.905 112.307 119.993 122.038 124.082
Woodie’s 84.495 91.415 106.797 113.717 129.099 136.019 151.401

Technical Indicators

Name Value Action
RSI(14) 77.085 Overbought
STOCH(9,6) 60.440 Buy
STOCHRSI(14) 100.000 Overbought
MACD(12,26) 16.727 Buy
ADX(14) 73.169 Overbought
Williams %R -1.723 Overbought
CCI(14) 207.1344 Overbought
ATR(14) 18.3595 High Volatility
Highs/Lows(14) 44.8539 Buy
Ultimate Oscillator 67.408 Buy
ROC 140.257 Buy
Bull/Bear Power(13) 65.7620 Buy
AllStocks Cryptocurrency Exchange

Sharing Is Caring: