Over the weekend the price of Litecoin has increased by over 31% with strong momentum as the majority of the increase occurred yesterday when the price increased parabolically.
- The price has exceeded the prior high and is currently inside the territory of the upper horizontal resistance range above $109.
- Interaction with the upper resistance at $122 could be expected before the end of the increase.
- As we are seeing the ending wave from the upward impulse, shorty a downturn should start.
Litecoin Analysis LTC/USD
The price of Litecoin has followed the market’s bullish momentum over the weekend as it increased by around 31%, coming from Friday’s low at $88.6 to $116.154. The price is currently being traded at $114 as it has been stopped out around the resistance levels of today’s high but this might be only a temporary resistance as the price is set to continue its increase.
On the hourly chart, we can see that the price increased above the horizontal resistance level at around $109 and has entered the territory of the upper horizontal range as a breakout has been made both from the lower range and from the corrective structure made from 16th of May which was considered the 4th wave out of the five-wave impulse to the upside.
As we are seeing the development of the 5th wave another increase could be seen for the price of Litecoin as it hasn’t reached the upper horizontal resistance level at $122.3 with whom the interaction could be expected before the completion of the impulsive move.
We could have seen the end of the upward move as the price reached my target and is showing signs of struggle to keep up the upward momentum which we can see from the last couple of hourly candles and the wick from the upper side, indicating that the price encountered strong sellers pressure.
Since we are seeing the completion of the five-wave impulse which started on 29th of April which is the ending wave of the higher degree impulse, very soon we are likely to see the start of the higher degree downturn which would set to propel the price in a downward trajectory to some of the broken significant resistance levels as to establish and retest them for support.