- LTC at a critical point on the charts, do or die for the bulls.
- Bounce a must, fall below would be fatal.
Litecoin, the coin that rallied the most last week after a breakout on the long term chart, is now on the verge of losing its relevance as the price is sitting exactly on the same trendline which it broke out of to be biggest gainer in the last week's rally. (Read last week's article here)
LTC/USD is down just about a percent at $77.386, exactly at the middle point of the day's range. On the 720-minute chart of LTC, after the breakout last week that led the prices to double, now risks falling back below the very ascending trendline.
A bounce is expected to say the least, but whether the bounce sustains or not is a key question. What may come to the rescue of the bulls immediately are 21 days SMA ($75.51) and EMA ($76.548). Although golden cross is still relevant, that may provide some help if prices fall too steep and deep.
LTC/USD 720-minute chart:
LTC/USD daily chart:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.