Litecoin price analysis 16 August 2019; $71 support held

Litecoin managed to bring some of its past evaluation back up a bit, but it’s still struggling to retest the $75 resistance as we speak.

Overall, the small Bitcoin surge managed to wake some major currencies up a bit, but today’s market is still relatively simple.

Today’s Litecoin price analysis will once again focus on finding the ideal resistance and support levels for the altcoin and determine, just what type of route the coin may take.

Litecoin price analysis

LTC chart by Trading View

Litecoin price analysis: Resistance and Support

Litecoin managed to break a crucial support level of $75 not too long ago and is now trying to somehow re-test that price point. However, it’s unlikely that it will somehow reach it unless BTC goes past $10,500 today. Considering the upcoming weekend of sell-offs and HODLs, Litecoin could dip even lower.

At the moment, the primary support lies at $71 for Litecoin, if it goes below that, the next support is stationed as low as $48, which would confirm bears’ anticipation of a repetition of the 2017 surge, as that was the price point after which Litecoin sky-rocketed.

As for resistance, LTC will need to somehow challenge the $75 price point, after which a whole new level is introduced at $81.

Overall, the prognosis is still quite bearish. Altcoin investors are advised to refrain from their favorite coin and focus on Bitcoin mostly.