Home Crypto Crypto Market Analysis Litcoin Further Increase Still Possible

Litcoin Further Increase Still Possible

1
0

Litcoin (LTC)

Market Cap. $8.53B

Circulating Supply: 56.22M LTC

Max Supply: 84M LTC

Volume (24H) $390.80M

 
 

Will Litecoin Recover April 2018

The Litcoin increased more than 19% in the last 7-day and is fighting hard to stay above some very important broken resistance levels. It is trading above the 150.000 psychological level, but unfortunately, it has shown a minor exhaustion in this weekend.

litecoin price analysis

Price has found temporary resistance right above the second warning line (wl2) of the former ascending pitchfork. Litcoin is almost to reach this line again after the retest of the 50% Fibonacci line of the descending pitchfork. Actually, the rate has made a false breakout above the warning line (wl2), so a retest will send the price down a little.

Maybe we’ll have a minor consolidation before the rate tries to break out from the descending pitchfork’s body. An accumulation above the 136.61 level could give us a great chance to go long on this major crypto again.

Personally, I believe that only a drop below the third warning line (wl3) and below the 50% Fibonacci line will invalidate a further increase in the upcoming period.

We’ll have a very important upside target somewhere at the first warning line (WL1) of the major descending pitchfork. Only a valid breakout above this line will confirm a further increase.

Will Litecoin recover - Litecoin chart analysis

Will Litecoin recover? You should stay away for now, because we don’t have a great buying opportunity. An accumulation above the 136.61 could bring more bullish energy. Technically, we have a very strong resistance line at the inside sliding line (SL) of the descending pitchfork.

The perspective will remain bullish as long as the rate stays above the 136.61 static support (resistance turned into support).

LEAVE A REPLY

Please enter your comment!
Please enter your name here