The zone between $3.51 – $3.54 continues to be respected by the market. In my previous Litecoin technical analysis from last Tuesday, I speculated that pressure was mounting in the market due to the appearance of a triangle formation. Litecoin broke higher on Wednesday and managed to close above the massive resistance band between $3.51 – $3.54. And it seems that the market is now respecting this level once again, but this time as support. If the market doesn’t close bellow $3.50 in the next few days, the most likely direction for price is north.
The daily chart is also painting a bullish near-term future for Litecoin. The bullish engulfing pattern on the daily chart is dead giveaway. A similar bar formation appeared on the 24th of November, which was followed by a significant rally! So, is Litecoin getting ready to rally now? I guess we’ll find out in the next few days.
Disclaimer: This is not trading/investment advice!
Image Source: 1
Chart Source: https://www.okcoin.com/market.do?symbol=1
If you liked this article follow us on twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.
In the unpredictable world of cryptocurrency, new tokens launch daily, each one a shining beacon…
Once more, Ethereum is commanding the spotlight as fresh figures indicate that the amount of…
The ecosystem on Arbitrum keeps flaunting its robust foundations, with a steady incline in the…
Once again, major market players are focusing on Ethereum. The whale activity surrounding the second-largest…
It has been a tumultuous week for the artificial intelligence sector in crypto. Sharp valuation…
Following a brief stint of dormancy, the BSC Foundation is back in action, reestablishing its strategic…