LTC/USD Value Technical Outlook
Doable Bullish Comeback
On Might 11, Litecoin printed $39.5- its lowest stage in three weeks. In a while, the worth rallied and settled above the 40 threshold. But, the weekly candlestick closed within the crimson with practically 12% loss. This week, the worth has continued its rally and recovered the vast majority of final week’s losses.
This week, the Relative Energy Index (RSI) has crossed above 50 signaling a potential begin of a bullish momentum.
Litecoin PRICE DAILY CHART (MaR 15, 2019 – Might 19, 2020) Zoomed Out
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Litecoin PRICE DAILY CHART (March 12 – Might 19, 2020) Zoomed In
Primarily based on the each day chart evaluation, on April 6 Litecoin began a bullish momentum creating increased highs with increased lows. Nevertheless, in late April the worth reversed from the excessive finish of the present buying and selling zone $35.92- $50.20 reflecting a weaker bullish sentiment. On Saturday, the market corrected its uptrend and carved out a decrease excessive at $48.8.
A detailed under the low finish of the aforementioned zone might encourage bears to press LTC/USD in direction of $23.30. An extra shut under that stage may ship the worth even decrease in direction of $1.08. That stated, the weekly help ranges underscored on the chart (zoomed in) needs to be thought of.
Any shut within the different path i.e. above the excessive finish of the zone may resume bullish value motion in direction of $62.20. An extra shut above that stage might lengthen the rally in direction of $74.55. Nonetheless, the weekly resistance ranges printed on the chart needs to be saved in focus.
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Litecoin PRICE FOUR Hour CHART (April 21 – Might 19, 2020)
Trying on the four-hour chart, on April 23 the worth broke above the downtrend line originated from the April 7 excessive at $47.7. Consequently, the market rallied on April 30 to an over seven-week excessive at $50.9.
At current, the market eyes a check of the downtrend line originated of the Might Three excessive at $49.6. Any violation of this line can be thought of as a bullish sign. A break above $47.28 can be thought of a further bullish sign and should set off a rally in direction of the excessive finish of the present buying and selling zone mentioned above on the each day chart. Though, the each day resistance stage marked on the chart needs to be watched intently.
Alternatively, any break under may ship LTC/USD in direction of the $38.00 deal with. Nonetheless, the weekly help stage underlined on the chart needs to be monitored.
See the chart to know extra in regards to the important ranges in an extra bearish/ bullish transfer.
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Written By: Mahmoud Alkudsi,Market Analyst
Please be at liberty to contact me on Twitter: @Malkudsi
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