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Litecoin (LTC) Price Analysis 4/24/2020

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We have Litecoin earlier today at $ 44 after boosting from the pivot point at 41.54. This represents a 6.71% increase. As we can see on the chart, the price broke the downtrend line giving a good sign of recovery. So far it looks like he wants to go get R1 before the end of this week.

Currently we have important price points such as support at $ 43.35, the 200-period EMA very close as well as the trend line and resistances at $ 44.45 and $ 45.12. It is important to mention that currently we do not have a solid entry signal in the price. Like BNB we are in the middle of a movement now and we must expect breaks or rebounds from the points already mentioned.

A good entry signal will be seen by breaking the weekly R1 at $ 45.17. Undoubtedly this level marks a before and after in litecoin that until now was in a correction up to 38% Fibonacci.

In the graph it can be seen that the price is almost touching the overbought, but there is still the possibility of another upward momentum that breaks the aforementioned levels. The major supports you need to hold to stay on the downside are the $ 43.35 and the 200-period EMA. Right now, these levels are key to continue the bullish momentum that has been going on for a couple of days.

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