Litecoin (LTC) Technical Analysis: Partners with Glory Kickboxing, LTC Yet to Deliver a Knockout Performance
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The Litecoin Foundation has recently announced its latest partnership with Glory Kickboxing, which will see ‘the world’s premier stand-up combat league’ exclusively support Litecoin as a new payment option on their online merchandise store.
The strategic alliance with Glory Kickboxing compliments the Litecoin Foundation’s recent sponsorship deal with the UFC, which was executed to promote mainstream crypto adoption to the younger demographic audience.
So far the Glory Kickboxing announcement has done little to inspire renewed bullish support today, with LTC trading volume and volatility remaining uncharacteristically low. Right now LTC is down 0.11% against the US Dollar and trailing 0.53% behind Bitcoin.
The harsh bearish correction on Sunday is still likely to be fresh in the minds of many crypto traders this week, and it may be awhile before confidence returns to the market again.
The Story So Far
On the 1D LTC/USD chart we can see that the asset has been climbing inside an ascending channel over the last 3 months - oscillating between a strong uptrending support and resistance.
Recently on February 24, LTC hit a bearish double top against the $52.50 mark which caused the price action to unravel by nearly 18% in one day. However, bullish traders have so far been able to slow Litecoin’s decline, and appear to be recharging while the asset hovers around the $46 level.
The $42 level below is likely to be a very strong support for LTC, should selling pressure pick back up again. On February 14, the asset springboarded off this psychological area over 23% in 5 days - no doubt caused by auto-bot trades triggering and creating a rally.
The Story Now
The price action at the moment appears to be starting to climb back up towards the $48 resistance using the 20 SMA as a temporary foothold. The $48 level previously held down the bullish correction after Sunday’s sell-off, and will be Litecoin’s first key area to overcome if the asset is to make an upside recovery.
Looking at a number of 1D indicators we can actually see some promising signs that momentum is still favourably bullish right now, and could be hinting at a potential breakout above $48 soon if buyers can continue holding off the bears.
- On the Ichimoku indicator there is a bullish T/K crossover and candles are holding high above the supporting kumo cloud;
- The Aroon Up line is bullishly above the Aroon Down line;
- Momentum on the RSI has been clearly uptrending over the 3 months (see red arrow);
- The indicator line on the Chaiking Money Flow indicator is also uptrending and still high above the zero line;
- The 9 EMA is still bullishly above the 20 EMA.
Litecoin (LTC) Price Targets
All ROIs are calculated from the asset’s current value at $46.40.
PT1: $48.00 (3.45%)
PT2: $52.50 (13.15%)
PT3: $54.75 (18.00%)