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- LTC / USD has made promising bullish technical progress; further purchases could be observed in the coming days.
- Charlie Lee remains highly optimistic about the cryptocurrency market in general, anticipating the replacement of the legal currency.
The price of Litecoin in the last seven days has shown a strong impetus for a recovery. Within the trading period mentioned, LTC / USD closed the daily newspaper within the five green of those seven sessions. This happens after sales pressure hit the market last Monday 29th October, with the consequent violation of some key short-term support levels.
Strong cryptocurrency of Litecoin Creator
Charlie Lee, the creator of Litecoin, was recently invited to talk about the latest episode of Unconfirmed with Laura Shin. Lee started talking about where he believes the market is currently in terms of use and recognition with people and what could happen to the legal currency.
He said: "It looks like we're still in. We have yet to find out how much Bitcoin can go – or cryptocurrency in general." I think the angle is to become money that everyone will use on a daily basis, and I think it will replace the fiat. as money that everyone will use, so now – Bitcoin, cryptocurrency – it's still just a speculative asset. "
Charlie is sure that mass adoption will come, but it is still very early. noting, "It has not really achieved much adoption in terms of people using it – we've definitely gone a long way – there's work on second-level solutions, more scalability, more privacy, and I'm happy to see what we've done over the last 10 years. but there is certainly a lot of work ahead of us ".
Technical review – Daily view of the LTC / USD chart
Daily view of the LTC / USD chart
LTC / USD through the daily time frame has seen a bullish development of late. The price managed to re-enter the model of the pennant, but also to the downside. Initially, in September and October it had failed to do so, as price action was firmly contained within. It took a breach to the south on the 29thth October, out of the model structure, then wake up the bulls.
The price fell deep within an area of demand, up to the territory of $ 48, before seeing back to a decent purchase in the Litecoin market. At the time of the decline, the LTC / USD was stuck in a lower trend, it was running in a series of seven-session losses. The purchase started to go up 30th October to see the price push recently firmly above $ 56. The highest level seen since 16th October.
A large thrust towards the north was observed in the figure of the pennant on 4th November, seeing a vital daily closure above. This has aroused the interest of further potential incoming purchases. The price action is trying to play the textbook, since the breakout has been seen, now a pullback is currently underway. The pennant's top trendline is now supporting itself, seeing around $ 53.00.
Positive LTC / USD goals
Looking upward, there is not too much in terms of resistance for a $ 60.00 brand recovery. LTC / USD traded for the last time here on the 15thth October. Further north, a short-term goal would be the $ 68-69 region. Here you can see a refueling area, whose last price has been exchanged here at 4th September, before seeing the large sale in.
To conclude, the current indicators would point to the bull's favor in the coming days. The key would be for the above support to be kept. On top of the pennant, while the breakout and the test take place. A failure to complete this technical move could see the price quickly below $ 50, testing 29th October is down.
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. It holds investment positions in the currencies, but does not carry out trading activities in the short term or daily.
Featured image courtesy of Shutterstock.
