Litecoin (LTC) Near-Term Route Could Be Determined By This Factor
August 24 2022 - 5:17AM
NEWSBTC
Litecoin (LTC) could be heading the bearish route. According to
CoinMarketCap, LTC has nosedived by 0.52% or trading at $56.50 as
of press time. Litecoin going the bearish track LTC down by 0.52%,
trading at $56.50 LTC engulfing candlestick shows increased selling
pressure In the past few days, LTC is seen to be hovering close to
its midpoint. Notably, Litecoin is down by 12.75 from its five-day
high yet spiked by 7.26% compared to its five-day low that
registered at $52.56. LTC price is gliding above the key resistance
level. The support is now spotted at $54.17 and resistance is
present at $56.13. In essence, LTC could experience extreme
volatility once the price rally loses steam. Related Reading:
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With EGLD Litecoin Trading at Low Volumes It can be observed that
Litecoin has been trading at ridiculously low volumes lately which
means that today’s trading volume is comparably low to the coin’s
average trading volume in the past week. Now, the improvement in
market performance has restored the faith of many LTC buyers. It
seems there could be hope for a bullish momentum. However,
the 62-$64 range could be getting in the way of a bullish movement.
In turn, LTC is seen to have plunged below the EMA ribbons to
convey a strong selling or bullish streak. More so, the recent
formation of an engulfing candlestick pattern showed a strong
uptick in terms of selling activity. There is a strong knock-back
of higher prices seen close to the 20 EMA that could initiate a
near-term disengagement before any opportunities for revival come
to light. LTC RSI Shows Intense Selling Pressure The buying upturn
of Litecoin has propelled the altcoin to test higher levels in the
past month. So, while the bears corroborate the $64-ceiling,
Litecoin still sees an ascending channel pattern in this specified
timeframe. Following a short-term compression phase spotted close
to the EMA ribbons, LTC finally witnessed a bearish breach splicing
under the EMA ribbons. As of press time, LTC has found key support
at the $53.7-zone. Related Reading: Polkadot (DOT) Hits The Brakes
At $7.34 After Brief Recovery Source: TradingView.com So, even
though the EMA ribbons aren’t looking so positive, the bears aim to
shift the near-term trend. Striking a bearish punch on the ribbons
would most likely strengthen the selling pressure. A rebound is
spotted at the $53 level that can aid the buyers in triggering a
sluggish movement drawing close to the EMAs. Now, any close under
this support line could open up the altcoin to a prolonged setback.
When this happens, LTC may dart closer towards the $50-zone with
the bulls going in to trigger intense buying pressure. RSI for
Litecoin shows a strong selling trump card. Now, a prolonged
pullback will only work in the favor of the sellers. But, OBV
presenting higher troughs showed a minimal bullish
divergence. An uptick in the key support zone can potentially
help the buyers to put an end to near-term bleeding. Nevertheless,
LTC’s ADX is still having a hard time improving its delicate
position. LTC total market cap at $3.9 billion on the daily chart |
Source: TradingView.com Featured image from Analytics Insight,
chart from TradingView.com
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