Litecoin Price Analysis: Short term levels that matter

• Litecoin has rebounded from lower levels on Friday much like most of the crypto market.
• Now there are key levels that could give us an idea of the future trajectory of the price if broken.

LTC/USD 1-hour chart

The chart below shows the extent of the recent fall in LTC/USD. Now the price is starting to base out, I thought it would be a good idea to look at the most important short term levels. Often when something breaks lower at such velocities when the buyers come in there is a consolidation period before the next major move.

The top of the consolidation is 41.31 and if this is broken meaningfully then it could mean the price might shift higher. On the downside, 32.00 and the main low of 25.00 are key. 32.00 is the current mean value point and the price seems to be drawn to it like a magnet. While the 25.00 level if breached could spell more trouble is ahead. Lastly, the psychological round numbers are always important so dont discount a reaction at 30.00.

At the moment the trend is still negative. So counter-trend trading could be dangerous and if that is your plan keep the risk tight as the bears may still be in control.

Additional levels