Highlights of Litecoin Price
- The price of Litecoin could be made with its fall as a double fund could be formed on the 4-hour chart.
- Technical indicators show mixed signals at the time when sales pressure remains present.
- A break over the neckline at $ 70 could lead to a rally that has the same height as the chart's formation.
Litecoin could be in reversal from his slide as a double bottom can be seen on his 4-hour chart, awaiting confirmation.
Technical Indicator Signals
The 100 SMA is above the longer-term SMA 200 to suggest that the path of least resistance is on the upside. In other words, the upward trend is more likely to resume rather than reverse. However, the gap is rather narrow, so a bearish crossover might be possible while these moving averages also have a dynamic resistance.
In that case, another support test could occur around the $ 48 level. A stronger sales pressure could even stimulate a break below this level and a continuation of the long-term downtrend. A break above the moving averages could pave the way for a $ 70 test.
This would make the double bottom about $ 22 in height, which suggests that the confirmation could stimulate a rally of the same height. However, RSI is turning south from the overbought zone to report a bearish pressure return. In the same way, the stochastic is directed towards the south, so an increase in sales pressure is necessary.
Cryptocurrencies appear to have a positive start for the week, however there have been no negative reports over the weekend. In fact, the previous trading week ended on a positive note where a report suggests that the blockchain industries could add $ 1 trillion to global trade in the next ten years. With this, market participants seem to turn their attention to institutional interest and other M & A activities in space.