Is Litecoin Seeing A Bounce Off The Key $100 Degree? – Benzinga – Benzinga

Litecoin (CRYPTO: LTC) is buying and selling greater Monday and appears to be bouncing off assist in a sideways channel. The crypto has been in a gradual downward pattern for the previous few months, however could possibly be turning round if the assist stage can maintain.

Litecoin was up 6.28% at $109.52 at time of publication.

Associated: After Trading Lower, Will Litecoin Get Its Groove Back?

Litecoin Day by day Chart Evaluation

• Litecoin seems to be to be bouncing off the $100 assist stage, because it has just a few occasions prior to now. For this bounce to be confirmed, merchants need to see the inventory start to type greater lows and begin to push additional away from the assist zone towards the $200 resistance stage.
• The crypto trades under each the 50-day transferring common (inexperienced) and the 200-day transferring common (blue), indicating that Litecoin has been buying and selling with current bearish sentiment. Each of those transferring averages might maintain as an space of resistance sooner or later.
• The Relative Power Index (RSI) has been climbing the previous few days and now sits at 44. This reveals that there are barely extra sellers total, though there have been extra consumers transferring into the market just lately. If consumers proceed to maneuver into the market, there might quickly be extra consumers total.

What’s Subsequent For Litecoin?

Litecoin is sitting proper on prime of the assist line and could also be establishing for a bounce. This bounce might convey a couple of bullish pattern sooner or later if the crypto can begin to type greater lows. If unable to carry above assist and Litecoin begins to show the $100 stage into resistance, it could be prepared for a powerful bearish transfer.

Bullish merchants need to see greater lows and the RSI to cross above the center line. Bulls would then wish to see the inventory cross above the transferring averages.

Bearish merchants are in search of the RSI to remain under 50 and for the value to carry the $100 stage as resistance for a doable sturdy bearish transfer.

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