Litecoin has been discovering it laborious to show bullish once more because the crash within the crypto market a few month in the past. Consumers have been making an attempt to reverse the worth larger, however they’ve failed, and the highs have been getting decrease each time, which is a bearish signal.
Ultimately, the shifting averages became resistance for Litecoin. Though earlier this week we noticed a bullish transfer in cryptocurrencies, led by BITCOIN which took the worth above these shifting averages. Consumers pushed above the descending trendline as effectively, which was a bullish signal.
However, as we have now seen many occasions in the previous few weeks, as highlighted in our 2021 Litecoin price prediction, consumers couldn’t hold the strain going, and within the final two days, the costs within the cryptocurrency market have reversed down. Litecoin has returned to the trendline and the shifting averages on the H4 chart, however this time from above. Now we’ll see whether or not these technical indicators flip into assist for LITECOIN .
In the event that they maintain, then we should always see the LTC/USD flip bullish quickly, because the stochastic indicator is oversold as effectively, which might be good for us, since we’re lengthy on Litecoin. If not, then it would head for the primary resistance at $145, which is an efficient worth for consumers. So, we’re following the worth motion round right here to see what’s subsequent for Litecoin.