Last week, Litecoin failed to break through some important resistance in the area 58 and $ 60. The coin is in the local uptrend and may soon test the resistance level around 70 dollars. The General situation looks like this:
- buyers gained enough strength to break above $ 60;
- on the 1-hour chart formed an uptrend with support at the level of 60.5 per dollar. After falling below support turned into resistance;
- the price of Litecoin dropped to the support zone of $ 58.
The chart analysis of the cryptocurrency held in the Ethereum World News.
Forecast prices Litecoin
Coin shaped channel up, the upper limit of which passes through two local maximum at 62 and 64 dollars. However, at the moment, LTC fell back a little lower and is at a level of support near $ 58. While this may be a bear trap, so to open short positions earlier.
Currently the main resistance levels remains at 60, 64 and 70 dollars. To continue the upward movement Lidoine need to consolidate above the lower border of the channel. Falling below 58 dollars is unlikely as the area is still and the moving average line is the 100 SMA.
To confirm the global uptrend bitcoin needs to gain a foothold above $ 70. Then we can talk about growth of up to hundreds of dollars higher. Now Aldon largely depends on the General condition of the stock market, which is still “connected” to the SEC on the approval of the first cryptocurrency ETF.
With Litecoin, there are lots of positive news from the point of view of fundamental factors. According to analysts, the company eToro, the coin is severely undervalued and should be worth a lot more. Litecoin is also very popular among cryptoendoliths — he recently surpassed Bitcoin in the number SegWit transactions.
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