Home Litecoin Litecoin worth enters buy-zone once more as danger urge for food stays the central theme – FXStreet

Litecoin worth enters buy-zone once more as danger urge for food stays the central theme – FXStreet

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  • Litecoin worth dips under the month-to-month S1 help stage.
  • LTC sees bulls accumulating inside a historic zone.
  • Count on RSI to point additional help, making demand persistent in 2022.

Litecoin (LTC) worth is at the moment on the backfoot as skinny quantity sparks a slight correction, pushing worth motion under the month-to-month S1 help stage at $160. With that transfer, nonetheless, LTC has entered a pre-defined zone offering a superb shopping for alternative between $155 and $138. Count on demand to remain persistent in 2022, which ought to spark a brief rally again as much as $170.

Litecoin sees demand persisting going into 2022

Litecoin worth has retreated these previous 4 days as investors pulled trades earlier than hitting $170, the place the 200-day Easy Shifting Common has capped worth motion all through December. Now LTC worth has entered a zone which traditionally has seen loads of distribution and sometimes sparked uptrends or rallies. It appears to be like like this sample will repeat itself once more, with the Relative Power Index (RSI) going sideways as the worth motion dips, which factors to an surroundings conducive to average shopping for. 

Count on LTC worth motion to vary commerce between $155 and $138, as seen a couple of weeks in the past. This presents an ideal commerce setup with a fade-in commerce to common in Litecoin. Count on a bullish uptick within the first buying and selling days of 2022, which is able to see a breakout above the S1 help stage at $160 and a take a look at round $170 towards the 200-day SMA.

LTC/USD every day chart

If bulls can break above the 200-day SMA, count on to see a big pick-up on the demand aspect with shopping for quantity tripling and a fast uptick in direction of $190, the place the 55-day SMA is probably going to supply resistance. From there, probably the most logical revenue goal would be the month-to-month pivot simply above $230 and the technical, historic stage at $237. 

If a worldwide market rout arises for cryptocurrencies, count on LTC worth motion to check the decrease finish of the vary at $138 and probably $130,  the low ofDecember 04.

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