Conclusion for today’s Litecoin analysis: Higher price is expected with support anticipated between ~$45 and $42.
Litecoin price analysis for today is examined on a logarithmic scale using the 6 hour timeframe. Previous analysis can be found here. Primary focus is on price action starting from the December 14, 2019 low of ~$23.05 to current date.
The long term bearish trendline in Litecoin was successfully breached on March 09, 2019, indicating possible resumption of bullish momentum in Litecoin. In addition, the current bullish price channel is provided to help put price action into context from the December 14, 2019 onwards.
Support levels exist between ~$44.72 and $41.80. Any retracement in price is expected to hold at the support level as it also coincides with the lower boundary of the current bullish channel.
Further break to the downside below the channel is expected to find a lower level of support between ~$30.32 and $28.48. The width of the bullish price channel can be used for price projection on a breakout above the upper boundary of the current bullish channel in order to determine the minimum expectation for Litecoin.
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