๐ Litecoin (LTC) Reclaims Support!
On November 21, the Litecoin price dipped below a critical support area but has since managed to reclaim it. Now, the big question is: Will LTC establish a bullish structure and surge, or is another breakdown looming? Let's investigate!
๐ Weekly Technical Analysis:
Take a look at the weekly technical analysis. Since April 2021, Litecoin's price has been below a descending resistance trend line, reaching a low of $40 in June 2022.
However, an upward movement for LTC started shortly after, breaking out from the trend line in June 2023. Despite a retracement (red circle), LTC fell below the trend line again.
Recently, another upward movement began in October, leading to a breakout from the trend line two weeks ago. The LTC price confirmed the trend line as support (green icon) and initiated an upward movement last week.
๐น RSI as a Momentum Indicator:
Market traders utilize the Relative Strength Index (RSI) to identify overbought or oversold conditions. The RSI is currently at 50, signaling an undetermined trend.
๐ค What Are Analysts Saying?
Crypto traders and analysts have divergent views. SantoXBT is optimistic, projecting a continued increase with LTC reaching $150-$200 by year-end. On the contrary, CryptoPoseidonn is skeptical, citing LTC's apparent weakness despite the overall bullish crypto market.
CryptoPoseidonn stated, "The last two months saw the market rise, but LTC didn't even flinch. Weaker than Ethereum and already retraced this month's pump. It's highly wrong above 75, but I don't want to see the price reclaim 72; I will manually close if it does."
Always remember, the crypto world is full of surprises! Stay tuned for the latest updates for more informed investment decisions. ๐ก๐ผ #Litecoin #CryptoNews #PriceAnalysis
