Altcoins

Litecoin [LTC] bulls defend $50 with their lives, but were their efforts in vain?

Disclaimer: The findings of the next evaluation are the only real opinions of the author and shouldn’t be thought of funding recommendation.

Bitcoin [BTC] was in a position to rise previous the $20.7k resistance stage however confronted extra promoting strain above the $22k mark. At press time, the king of crypto was buying and selling at $21.5k. The transfer upward from the $19k space over the previous week noticed Litecoin [LTC] climb meekly from $48 to $52. Nevertheless, regardless of the powerful struggle to reclaim the $50 space, an uptrend was not but established.

LTC- 6-Hour Chart

Litecoin bulls defend $50 with their lives, but were their efforts in vain?

Supply: LTC/USDT on TradingView

In late Could, Litecoin established a variety from $60 to $74. In early June, the worth fell sharply beneath this vary. The swing excessive and low of this transfer had been used to plot the Fibonacci retracement ranges (yellow) on the worth chart.

Usually, 61.8%-78.6% retracement space affords stiff resistance. The 38.2% retracement stage can also be key, as the worth typically retests this stage as assist earlier than transferring upward to the 61.8% stage.

For Litecoin, it may be seen that the 38.2% stage has acted as a stable resistance space over the previous two weeks. Subsequently, shopping for alternatives would probably not arrive till the $53 stage was flipped to assist.

On decrease timeframes, the $50-$52 zone was essential, and LTC bulls continued to struggle to determine dominion over this belt.

Rationale

Litecoin bulls defend $50 with their lives, but were their efforts in vain?

Supply: LTC/USDT on TradingView

Regardless of their powerful struggle, the symptoms confirmed that the patrons had not made a lot progress. The Relative Power Index (RSI) didn’t present a pattern in progress, although it was above impartial 50. Actually, it has oscillated between 60 and 40 for the higher a part of the previous month. This hinted at a variety greater than a powerful pattern behind Litecoin.

The On-Steadiness Quantity (OBV) was additionally transferring sideways over the previous month, and we are able to infer that purchasing strain has considerably died out in latest weeks. The Chaikin Cash Circulation (CMF) agreed with this inference, because it has didn’t climb previous +0.05 previously three weeks of buying and selling.

Conclusion

Litecoin managed to halt its plunge at $48, and in addition climb previous the $50 mark. But, it was not adequate proof to level towards a transfer larger for LTC. The $53 stage was crucial. A flip of this stage to assist can provide a shopping for alternative concentrating on $61.

Subscribe to our mailing list to receive new updates and special offers

We don’t spam! Read our [link]privacy policy[/link] for more info.

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
You have not selected any currencies to display