LTC/USD rallied today, after hitting support at 161.15 yesterday. The rally took the crypto above yesterday’s peak of 179.14, thereby confirming a forthcoming higher high. This, combined with the fact that the price continues to trade above the upside support line drawn from the low of July 20th, keeps the near-term outlook positive.
We believe that the break above 179.14 may have opened the way towards the 197.15 zones, which is defined as resistance by the peak of June 3rd. If that area is not able to stop the advance either, then a break higher could see scope for extensions towards the 208.20 territories, marked by the high of May 27th.
Shifting attention to our short-term oscillators, we see that the RSI turned up after hitting support at the 50 lines, while the MACD, already positive, appears ready to move above its trigger line. Both indicators detect strong upside speed and support the case for further advances in this cryptocurrency.
On the downside, a dip below the 158.10 barriers, marked by yesterday’s low, could signal the break of the aforementioned upside line and could set the stage for the 144.95 barriers, the break of which could allow extensions towards the 133.95 zone, which provided strong support between July 28th and August 5th, or the 126.80 territories, marked by the low of July 27th.
The content we produce does not constitute investment advice or investment recommendation (should not be considered as such) and does not in any way constitute an invitation to acquire any financial instrument or product. JFD Group, its affiliates, agents, directors, officers or employees are not liable for any damages that may be caused by individual comments or statements by JFD Group analysts and assumes no liability with respect to the completeness and correctness of the content presented. The investor is solely responsible for the risk of his investment decisions. Accordingly, you should seek, if you consider appropriate, relevant independent professional advice on the investment considered. The analyses and comments presented do not include any consideration of your personal investment objectives, financial circumstances or needs. The content has not been prepared in accordance with the legal requirements for financial analyses and must therefore be viewed by the reader as marketing information. JFD Group prohibits the duplication or publication without explicit approval.
72,99% of the retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. Please read the full Risk Disclosure: https://www.jfdbank.com/en/legal/risk-disclosure
Recommended Content
Editors’ Picks
Litecoin price is failing recovery as Whales pull back to December 2020 lows
Litecoin price was showing some signs of recovery about two weeks ago, but it failed to sustain the bullish momentum, resulting in minor corrections. While broader market cues are to be blamed for this, a lot of the credit goes to the whales, too, whose disappointing performance has impacted the altcoin.
Members of US FSC urge SEC Chair Gensler to immediately approve spot Bitcoin ETFs
The discourse surrounding the spot Bitcoin Exchange Traded Funds (ETFs) is reaching its pinnacle as key lawmakers are now stepping in to resolve the matter. The Securities and Exchange Commission’s (SEC) staunch repulsion of the ETFs has been called out by the lawmakers, urging the regulator to approve the applications.
Ripple and Coinbase lead the big fight as US crypto firms advocate for regulatory overhaul
Ripple Labs is standing shoulder-to-shoulder with US-based cryptocurrency exchange Coinbase as crypto firms in the US push for a regulatory overhaul in the country. It comes amid growing concerns that stringent and unclear regulatory structures in the US continue to drive business away from the country.
Ethereum Restaking - The next big thing after liquid staking?
Ethereum introduced unstaking this year, and the crypto market witnessed a stark shift. The Decentralized Finance (DeFi) space, in particular, observed the emergence of liquid staking protocols. With the discourse of “restaking” picking up heat, it seems like the market is getting ready for the next big thing.
Bitcoin: BTC downside likely after 20-week EMA culls bulls
Bitcoin (BTC) bearish price fractal, as discussed in a previous article, is underway, but the lack of volatility is causing ambiguity and doubt. Regardless, BTC might see a bit of an upside before the long-term bearish scenario plays out.