Ken Chigbo
Independent Analyst
- LTC/USD price continues to respect descending channel pattern on 4-hour time frame.
- Crypto market wide sentiment shift, as bulls return to the price action.
The Litecoin price is seen up over 15% in trading on Monday, as the crypto market wide looks to make a comeback, after heavy losses encountered during the last week. It could just be that the bears have run out of steam driving the market lower for now.
There were some upbeat comments that were picked up by all the major news wires, a letter written by the Financial Stability Board Chair Mark Carney to the G20, saying that cryptocurrencies do not pose a risk to global financial stability. This provided some renewed sentiment and allowed the bulls to come back in and stage a rebound.
LTC/USD price is moving within a descending channel, as seen on the 4-hour time frame. During the heavy selling seen, the price was caught by a trend line that has formed a descending channel pattern. Next upside target is seen at the above trend line of the mentioned pattern, tracking around $175. Support is seen around $150, and then $137.
LTC/USD 4-hour chart
-636570734140002460.png)
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Chainlink social dominance hits six-month peak as LINK extends gains
-637336005550289133_XtraSmall.jpg)
Chainlink social dominance surged to a six-month peak on Friday as LINK holders increased their activity. LINK traders started taking profits, on-chain data trackers show. LINK price added 6% on Friday, extending its gains from mid-week.
Binance helps Taiwan crack a virtual asset money laundering case, BNB sustains above $570
Binance’s Financial Crimes Compliance (FCC) department joined forces with Taiwan’s Ministry of Justice and helped resolve a case of money laundering worth NT$200 million, or $6.2 million.
Bitcoin Weekly Forecast: Is BTC out of the woods? Premium
Bitcoin price shows signs of continuing its uptrend, providing a buying opportunity between $64,580 to $63,095. On-chain metrics forecast a bullish outlook for BTC ahead. If BTC clears $70,000, the chances of resuming the uptrend would skyrocket.
XRP trades steady at $0.50 as Ripple shares plan to expand services in Africa
Ripple hovers close to $0.51 on Friday, above the psychologically important $0.50 level, as traders await the court ruling of the lawsuit against the US Securities and Exchange Commission and amid new commitments from the firm to expand its services in Africa.
Bitcoin: Is BTC out of the woods? Premium
Bitcoin (BTC) price action in the past two days has confirmed the resumption of the bull run. However, BTC needs to clear a few key hurdles before investors can go all-in.