There’s little question that since final December Litecoin (LTC) has discovered the going a bit treacherous succumbing from its all-time excessive print of $370 on 12-19-17 coupled with the announcement that Charlie Lee can be liquidating a sizeable stake in LTC close to famous all-time highs.
Over the course of a 3 and a half month interval from mid-December to the tip of March ’18, the place LTC seems to have bottomed-out within the $110 space, Litecoin witnessed worth erosion of 70%, very like many all through the cryptocurrency universe.
With the worst showing to be within the rear-view mirror, we are able to observe from the day by day chart under that LTC appears to have discovered its footing and in doing so, has lately damaged above its downtrend line in addition to recapturing its 200-Day shifting common.
As we are able to see above, LTC has damaged again above its downtrend line (gentle blue line) and within the course of, has now recaptured its 200-Day shifting common (crimson line). As well as, we are able to additionally see that LTC is presently buying and selling above each its 20DMA (yellow line) in addition to its 50DMA (blue line) respectively, which portrays a wholesome technical posture.
Moreover, we are able to additionally witness that LTC seems to be nearing a profitable transfer out of its inverted Head-and-Shoulders (H&S) sample (Bullish), though, a bit extra work stays earlier than we are able to declare such transfer a whole success, whereby if LTC can go top-side of the $175 degree (Neckline) and ‘stick’, such growth would go a great distance in declaring the latest transfer victorious.
However, from a technical viewpoint, the image has definitely improved for LTC, but, there stays a congestion zone (highlighted shaded field) that may want contending and to be overcome within the days/weeks forward if LTC is to seek out additional upside momentum.
Thus, shifting ahead, each traders/merchants could wish to pay specific consideration to the next ranges for additional proof/clues with respect to course.
If LTC can clear the Neckline (purple horizontal line) at roughly the $175 degree and may ‘stick’, the following degree of rivalry is positioned on the $199.40 determine. Ought to each ranges be cleared at any level within the days forward, such growth, ought to it materialize, will surely point out that LTC has regained its mojo and northern trajectory.
With respect to the potential short-term assist, each the $158 degree (200DMA), in addition to the $142 determine, are areas the place LTC ought to discover a lending hand.
Nonetheless, each traders/merchants could wish to contemplate monitoring the motion in LTC within the days/weeks forward.
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Disclaimer: This text shouldn’t be taken as, and isn’t supposed to offer, funding recommendation. World Coin Report and/or its associates, staff, writers, and subcontractors are cryptocurrency traders and on occasion could or could not have holdings in a number of the cash or tokens they cowl. Please conduct your personal thorough analysis earlier than investing in any cryptocurrency and browse our full disclaimer.
Picture courtesy of Pexels
Chart courtesy of tradingview.com