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Improving 20% in the last week, Litecoin managed to climb up to 7th place in the digital asset chart. The price is $ 90 at the moment, with the first new $ 100 test for 2020 in sight. While the market is slightly bearish at the moment, a bullish rally could reveal itself again in the next few hours.
Litecoin 1 hour chart
Source: LTC / USD on Trading View
Litecoin’s short-term chart indicated that the asset currently fluctuates within an ascending channel pattern. While the pattern speaks of a bearish outcome, the collective bullish momentum in the market is unlikely to diminish right now.
The moving average of 50 is playing a key role in keeping the asset above as an underlying support, but the support at $ 80 is still active. The substantial trading volume in LTC suggested that some of his traders were re-entering his market at this time.
Market reasoning
Source: LTC / USD on Trading View
Current market indicators suggest a bullish rally as demonstrated by the collective sentiment. The Stochastic RSI is approaching an oversold range and any reversal thereafter will lead to the eventual retest at $ 100. Awesome Oscillator or AO is indicative of a declining bullish momentum at the moment, with a possible reversal to the horizon.
Finally MACD is a bit bearish at the moment, certainly due to the slight decline in the current market.
Conclusion
To be honest, creating a long or short position is extremely risky right now. The price is in an unstable period, showing both a bullish and bearish structure. Ideally, some stability could give us more direction as Litecoin eventually covers the ground to test the $ 100 range again.
