New Crypto to Explode as Litecoin Eyes Breakout
Litecoin ($LTC) is making waves again – and no, this isn’t another halving hype. This time, it’s technical. The coin is pushing up against a key resistance level, and chart watchers everywhere are biting their nails. If it breaks through, we’re looking at a textbook bullish signal that could set off a domino effect across […]
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Litecoin has broken out from the two-week trading range we discussed in the previous Litecoin price technical analysis titled Range Trading? as positivity from the Bitcoin market spills over. Litecoin is currently trading at $2.887. Though a breakout may seem as the best indication for the market participants to go long on Litecoin, my advice would be to wait for a close above $2.950 or buy on a dip. But, why do I say this? Read on the technical indications below to find out. I still find the technical indications fairly mixed and therefore, require stronger signals or a low-risk....
Litecoin did not rally much after establishing a price bottom over the weekend and to start the April 6th session. Instead, it stalled in the 1.72-1.73 area twice. After consolidating between that resistance and support around 1.68, LTCUSD is ending the April 6th session and starting the April 7th session with a bearish breakout. Litecoin (LTCUSD) 1H Chart April 7. Price action is also showing resistance at 1.69 and the RSI is starting to break below 40, which shows loss of the prevailing bullish momentum. Also, LTCUSD is now trading under the 200-, 100-, and 50-period SMAs again. This....
Litecoin has broken above the neckline of the Reverse Head & Shoulders pattern which sets its next target at $1.800. But, the upside breach is not convincing enough; the technical indicators do not display strong optimism and the post-breakout price action fails to inspire confidence to buy. Litecoin is presently consolidating above the neckline at $1.700. A technical analysis of the 240-minute LTC/USD price chart prevents me from buying into this market trap. Litecoin Chart Structure - Even though Litecoin has broken above the neckline level of $1.690, it has not made any significant....
Consolidation within Consolidation: Litecoin has rebounded from the low of the year at about 1.10 to about 2.45 before falling back towards the middle of this price range. It has since been consolidating in a smaller range roughly between 1.80 and 2.05. Litecoin (LTCUSD) 4H Chart 2/24. Setting up for a Breakout: The 4H chart shows a market that has turned sideways as the moving averages went from sloping down with bearish alignment, to moving sideways in a cluster. With price moving up and below these moving averages (200-, 100-, and 50-period), we know the market is losing direction but....
Litecoin is trading on a bearish note as it loses 1.07 percent since yesterday to trade at $2.947. But, let us quickly visit the latest price action, the technical indications and finally, reach a conclusion which may help traders during weekend trading. Litecoin Chart Structure - Upon taking a closer look at the daily LTC-USD price chart, one can find that for the past 3 sessions, Litecoin has been trading in a contracting range where the upsides have been shrinking while the base remains the same. The range has narrowed considerably and a breakout is well on its way. There are better....