Litecoin Price Attempting To Bounce From Support As Traders Eye $339

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Written By: Elliott Laybourne
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    Summary:
  • LTC seems to have found some support on the chart just below the $300 level. The Litecoin price is setting up for a potential run to $339.

LTC seems to have found some support on the chart just below the $300 level. The Litecoin price is setting up for a potential run to $339.

Litecoin is a first-generation Cryptocurrency and is similar in functionality to Bitcoin.

The coin was created by Charlie Lee, ex google engineer and a well-respected figure in the Crypto community. The project aimed to create a faster, cheaper alternative to Bitcoin, allowing for greater adoption.

Furthermore, functionality is not the only similarity. The Litecoin price has followed in the footsteps of its big brother this year.

From January the first through to its $413 high on May 10th, the coin had returned 239% to holders. Over the last six days, the price has retreated 24% and is currently hovering above the psychological $300 level, at $314.

Litecoin Price Technical Outlook

The price has run into the support of an ascending trendline on the 2-hour chart at $298. For the moment, the trend is holding, and LTC appears to be putting in a bottom above the big figure.

Additionally, it is now above a descending trendline at $311, from the 12th of may high at $394.50.

As long as the Litecoin price stays above the descending trend line, I expect a rally to $339.

This is the level the price bounced to after the previous test of the line. If the price can convincingly clear $339, the next target is $360.

Nonetheless, if the trend line at $298 fails, clearly, there may be room on the downside. This would cancel the short term bullish outlook.

LTC Daily Chart

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Written By: Elliott Laybourne

Elliott Laybourne is an accomplished Hedge Fund sales and Investment bank trading specialist. Elliott also started a successful Base Metals Brokerage business in partnership with ABN AMRO clearing bank. He worked on the open outcry trading floors at the London International Financial Futures Exchange 'LIFFE' and the London Metal Exchange 'LME.' He also provided research and execution services for Goldman Sachs, JP Morgan, Credit Suisse, Schroders Asset Management, and Pennsylvania State Public School Employees Retirement System, as amongst others. Today, he focuses on providing trading consultancy and business development services for family office and brokerage clientele.

Published by
Written By: Elliott Laybourne