Litecoin had a tremendous begin to November because it shot previous the $200 mark and rocketed to a $295 excessive. Nevertheless, the previous six weeks have pulled Litecoin again to the $140 lows. Bitcoin skilled a short-term bounce, however bullish energy was not seen as a lot on longer timeframes. What Litecoin can obtain within the coming weeks can be dictated principally by what Bitcoin does out there. The bulls may have a preventing likelihood if Litecoin can flip the $176 stage to assist.
LTC- 1D
Supply: LTC/USDT on TradingView
The drop from $295.7 to $129.3 was used to plot Fibonacci retracement ranges (white). On the time of writing, the $143 long-term assist (inexperienced) was held. Plus, the $168 stage posed as resistance.
In late August, the value topped out at $232 and this coincided with the 61.8% retracement stage, reinforcing it as vital resistance.
A special set of Fibonacci retracement ranges have been plotted based mostly on LTC’s plunge from $413 to $103. The 23.6% retracement stage for this transfer was at $176. Usually, the value consolidates above the 23.6% stage for some time earlier than it will possibly run towards the 38.2% and 50% ranges.
Furthermore, in October, we noticed costs bounce from $140, climb to $180 and better. Thereafter, retest the $176 space seeking demand. If Litecoin can exhibit the same value motion within the coming weeks, it might doubtless encourage patrons to bid closely on the $176 retest, if it happens.
Rationale
Supply: LTC/USDT on TradingView
The OBV has been forming increased lows previously few months. Nevertheless, it has been strongly trending downward because the November peak. The OBV has to start to set increased highs for the bullish state of affairs to play out.
The RSI additionally bounced off the 37.65 stage. Up to now (late March, June, late September), the RSI had bounced off the 35-37 space. Even in December, this stage was one among resistance, and solely lately has LTC flipped it to assist.
Conclusion
Buyers must wait and see if the $176 could be flipped from provide to demand. Flipping the longer-term 23.6% retracement stage was one thing that noticed LTC run to $232 and $295. An analogous feat may presumably be repeated within the weeks to come back.
