Following the $124 barrier fake out on April 5th, the price of Litecoin (LTC) shows a V-top rejection. The drop resulted in a 15.5 percent loss and pushed the coin price back to the $100 bottom support. Buyers would be able to push cryptocurrency above the $141 resistance zone if they continued to buy.
LTC purchasers’ failed attempts to persist above the $103 resistance resulted in a resistance fakeout. This bear trap prompted aggressive buyers who bought the $103 breakout to liquidate. Sellers continued to put pressure on the coin price, driving it down to the $100 support level. Since last quarter, Litecoin price has recovered from this support level, indicating a downtrend bottom.
On April 13th, the altcoin recovered from its lowest support level ($100), kicking off a new bull cycle. The recovery rally has accelerated by 10%, smashing directly into immediate resistance at $120. As a result, purchasers forecast a positive breakout and sustained resistance above the overhead resistance; the coin price will gain 16 percent to $141.
Bollinger band- the bottom band of the indicator bolstered a bullish reversal from the $100 threshold. However, the indicator’s sideways movement emphasizes a short-term gain.
DMA- The LTC/USDT pair’s decreasing SMAs (20, 50, 100, and 200) signal a bearish trend. A likely crossover between the 50 and 100 SMA, on the other hand, could entice extra buys from traders.
02 Feb 2023
© 2015-2023 Coinposters. All rights reserved!