What is the best-case scenario for Litecoin’s price action
Disclaimer: The findings of the next article are the only opinions of the author and shouldn’t be taken as funding recommendation
Litecoin has finished effectively to recuperate from a broadening wedge setup on its chart. Following its decline, patrons re-entered the market across the $160-mark and pulled the value up from its weekly lows. The near-term outlook gave the impression to be brilliant as soon as once more as key indicators underwent some resets.
Furthermore, the alt might register sharper positive aspects over the following 24 hours if it closes above an vital resistance zone. On the time of writing, Litecoin was valued at $176, up by 6% during the last 24 hours.
Litecoin 4-hour chart
The rebound from $162 noticed successive inexperienced candles line up on LTC’s 4-hour chart. Two June swing highs – One at $180 and the opposite $185 – now offered the following problem for Litecoin. A profitable shut above these ranges would propel the alt in direction of its native excessive of $190, representing one other 7% hike from LTC’s press time stage.
Quite the opposite, a failed breakout try would seemingly see LTC transfer sideways slightly below the $180-level.
The symptoms had been fast to reply to a LTC’s reversal and offered a positive tone. The MACD pictured a bullish crossover as shopping for stress ramped up over the previous few periods.
The Relative Energy Index fashioned a double high, favored the bulls, and climbed again above 50. The Superior Oscillator eyed a comeback above the half-line – One thing that may current a purchase sign to the market.
There was rather a lot to be optimistic about with respect to Litecoin’s near-term outlook with just a bit draw back. One of the best-case situation can be a hike in direction of $190, in case the value closes above sure swing highs.
Conversely, some sideways motion can be potential in case LTC’s speedy resistance stage prevents additional upside.