LTC consolidates but there are some important levels around

Fibo Quantum

  • The LTC/USD price holds above 30.00 as crypto sentiment improves.
  • There has been a massive spike in buying volume at low levels.

LTC/USD daily chart

Litecoin still seems to be recovering from the recent price capitulation. The pair has now consolidated above 30.00 and trades nealy 4% higher on the session. There have been some clear downside candle shadows (wicks) which shows that lower levels are being rejected. The big spike in volume 4 sessions ago shows there are lots of buyers near the 30.00 mark.

Interestingly, the two internal trendlines have provided some level of support. The Fibonacci extension levels could also come into play. The 127.2% was very close to being hit and the pair found support just ahead of the zone. Below that the golden ratio of 161.8% could still be used in the future so if the price breaks below the current support then that could be the next target.

Additional levels