Cryptocurrency

Analyst: Litecoin Investors Should Be Prepared If This Level Is Exceeded!

Analyst Saif Naqvi touched upon the level of vigilance and preparedness Litecoin investors should be at. Since the first week of July, the price of Litecoin has slowly fallen. The coin started the month at a high of $146, but a bearish channel formation dragged its price below multiple anchors.

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For now, LTC’s performance on the charts does not reflect any bullish sentiment now, although some upgrades that could be real “game changers” according to Charlie Lee are on the horizon. The views in this article are entirely representative of analyst Saif Naqvi’s comments. Let’s examine the analyst’s assumptions together…

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How low can Litecoin fall?

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At the time of writing, Litecoin was trading around $120, down 3% in the last 24 hours. LTC’s downside channel emerged in its second attempt after the “crypto drop” when the price failed to break the $150 ceiling. While LTC oscillated in the middle of two downward truth sloping trendlines, its cost actually decreased by about 20% from the highest point of the pattern to the lowest point. At the time of writing, the price was actually advancing towards the critical reinforcement mark of $117.6, a zone that blocked LTC’s May 23 decline.

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Market bulls can be expected to make a measure effort at this level and absorb and accept short-term losses, but a close below this level could bring the price down to $104.5, the June 22 low, which means an additional 13% loss. income. To support the bullish outcome, LTC needs to break above the $126 levels as this will coincide with the 20-day moving average and the half line of the pattern.

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What does the detailed analysis say?

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According to the Directional Movement Index, the downward trend was getting stronger as the -DI and +DI lines moved away from each other. An ADX reading of 29 indicated that sharp price fluctuations are possible due to a more volatile market. It was observed that the Relative Strength Index was in the bearish zone, but at the time of the broadcast, it was giving an upside photo. A move above 40 will be supported by a measure buying boom. Finally, the MACD line continued its decline and confirmed LTC’s price action, but the histogram also recorded a measure of choppy momentum.

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From the previous analysis in , it can be said: due to the lack of clear signals, it seems quite difficult to find the next rest zone of LTC. The altcoin’s price has now not breached the critical $117.6 reinforcement zone and the market’s bulls have a good chance of continuing their losses in this zone. In case the defense is punctured, the next area of ​​reinforcement seems to remain at $104.5, the June 22 low.

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