The overall momentum of the recent Litecoin price action has been bearish. After a strong bullish rally that was started on June 22, LTC reach a high pf $150 on June 29. Since then, Litecoin has been on a downward spiral, despite several attempts to reverse the bearish leg.
It appears that the LTC/USD's price will hold more in range-bound zones in the next session as the market ranges to average $100. Featuring a line of variant smaller candlesticks below the smaller SMA shows that the crypto may still stay underneath the upper range value at $150 until a while. In the wake of that assumption, bulls may now act the way of Stochastic Oscillators reading, denoting an extremely oversold trading situation to begin to launch a buy order.
LTC Technical Analysis
On the weekly chart, it shows that despite the 8-week sideways movement, the bears are in dominance. At the moment, the price has reached the support level for the 3rd time, a downward breakout may occur.
On the daily chart, we can see that the sideways range of price movement narrowed, as well as its volatility, which was often less than 10% in the past two weeks. It is possible that the market will hold out for some time in the formed neutral zone, but one way or another, there will be a “denouement”.
The MACD histogram on the daily chart once again found itself in the zone below zero, and the RSI indicator is approaching the support level.
The price movement has already formed a triangle with downward resistance and horizontal support in the region of $119-$120, a breakout is expected in the near future.
In case of a breakout, the first point could be a retest of the $ 104.00 mark. And here the Bulls can use the chance to reactivate and join the fight, if this does not happen, a further decline will appear.
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