After reaching a new summit, Litecoin entered the consolidation phase and revealed a possible continuation of the trend. Discover Elyfe analysis and decrypt LTC technical perspectives.
Litecoin (LTC)
After consolidation in the form of an ascending triangle to support $ 55.8, the price of the buyer of Litecoin aroused the price of approximately 125 %. The LTC thus reached $ 147 and verified the transition of $ 116.
Unfortunately, this level led to a decline in the course and testified of sales pressure. Since then, Litecoin has been developing in the range and has varied between $ 82 and $ 142.
At the time of writing, Litecoin develops at the top of its range, exactly around $ 131. It is located above its mobile diameter after 50 days, which coincides with the annual VWAP. Although the short -term trend seems to start up, the medium -term trend remains neutral. On the other hand, the long -term trend remains up, as evidenced by the upward orientation of the mobile average after 200 days.
Not surprisingly, the upper dynamics of LTC have gradually weakened since the last impult. This loss of momentum is reflected not only in price development, but also in oscillators. However, there is a slight reflection, indicating the shy restoration of movement.
The current technical analysis was carried out in cooperation with ElyfeInvestor and popularizer in the cryptocurrency market.
Enlargement of derivatives (LTC/USDT)
In recent weeks, we have observed the current increase in open interest and basic course, signaling the growing interest in the LTC/USDT contract.
However, the last decline in Litecoin has led to a reduction in open interest, indicating the gradual disposal of speculative positions. Although this movement may seem worrying, it seems to be reversed, indicating a new recovery. This phenomenon is accompanied by a positive degree of financing, indicating that the purchase pressure remains on LTC/USDT contracts.
After stabilization, the CVD accelerated down and signaled the domination of sellers on the market. This dynamics reflects the increased aggression of sellers and increases the risk of continuing withdrawal in the absence of reversal of shopping flows. Fortunately, for cryptocurrency, this trend seems to stabilize, indicating the slowing of pressure sales that could announce shortness of breath or even a possible change in trend.
The LTC decrease led to slight disposal of shopping positions after the support of the support of $ 120. This movement translates increased sales pressure and weakens the dynamics of purchasing on site.
LTTC/USDT permanent contracts for the liquidation of eternal contracts show that the cryptocurrency has just reached the liquidation zone of $ 130. It seems to stabilize around this level without displaying orders with a significant impact on the price.
Now there are key liquidation zones on both sides of the current course:
- Above the first liquidation zone is identified around $ 136, followed by a much larger area of around $ 142. Even higher is the $ 150 key.
- Below the liquidation is less marked. There is the first area of around $ 120, followed by finer liquidation below $ 110. Finally, a more pronounced area appears below $ 100.
These thresholds represent the main infection points for the market. Access to the price to these levels could lead to massive activation of orders, thus playing a key role in the next movements depending on the dynamics of supply and demand.
Forecasts for Litecoin (LTC) course
- If Litecoin manages to keep over $ 106, recovery could allow him to exceed $ 140, opening the way to his last summit to $ 147. Overcoming this threshold could trigger a new expansion and drive its course around $ 170, $ 210, and then if the demand intensifies, which would be an increase of more than 60 %.
- Conversely, if Litecoin fails to maintain a threshold of $ 106, it could find support around $ 100. A break at this level could cause a new repair below $ 90 or even up to $ 81. This would correspond to a decline of approximately 38 %.
Conclusion
Litecoin develops in the hesitation phase after a sharp increase followed by withdrawal. Despite the weakening of the dynamics, the recovery is revived and reveals the possible restored interest of the buyer. Confirmation of sustainable recovery will depend on the market capacity to maintain its dynamics. Will ETF Litecoin contribute to it? One thing is for sure: it will be necessary to carefully monitor the strategic price response to confirm or modify the current forecasts.
Finally, remember that these analyzes are based solely on technical criteria and that the course of cryptocurrencies can develop rapidly depending on other basic factors.
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Elyfe specialist in technical analysis decrypts graphic trends on the markets of cryptocurrencies with strict and constantly evolving approach. Through its detailed analyzes, it brings an enlightened view of prices dynamics, helps investors and enthusiasts better understand and predict market movements.
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