Litecoin [LTC] price has increased nearly 70% since the start of the year. Despite the recent price volatility, however, the digital asset has managed to achieve stable positions on the charts, with LTC trading at $ 205.20, at press time.
Over the past 7 days, the so-called 'digital silver' crypto fell by nearly 33%. While not having managed to fully recover from his massive fall, at the time of writing, he is trying to maintain his recent rise.
Litecoin's hourly chart highlights that LTC price has been moving in a parallel channel lately. This channel acts as a limited range of its immediate support and resistance at $ 196 and $ 226, respectively.
As the price remains within this range, the short term structure for the LTC market appears to be moving sideways.
Thanks to the selling pressure in the market, the cryptocurrency's value has fallen on the charts a few days ago. However, with volatility leaving the market, prices, at press time, consolidate. This period of low price action is highlighted by the Bollinger Bands ever since they were compressed - A sign indicating that the price is not experiencing any wild moves.
On the other hand, the momentum, while positive, remains very low. Low momentum with low volatility will push the LTC consolidation phase further. Meanwhile, the Relative Strength Index shows that selling pressure is still quite high with a reading of 43. However the indicator is nearing equilibrium, and with a little encouragement from buyers, LTC can reach a stable market.
The Litecoin market, at the time of writing, sees the market moving towards consolidation. LTC price has set support at $ 196.55 and resistance at $ 226.75. With volatility exiting the market and decreasing momentum, LTC can continue moving along this range unless the market trend seems to change suddenly.
start success go! go! go!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit