With everything bearish going on in the world like the global markets taking a nosedive, the crypto giants laying off their staffs, and Bitcoin falling below $20K, the rest of 2022 seems to be marked in red.
Well, evening crypto traders,
This is Megha Chhikara, back with a brand new coin for you!
Today, we’ll be reading about Litecoin, as it shows a bullish reversal within a double bottom pattern in this bear market and try to figure out if it is safe to go against the broader market trend. Watch the entire video till the end to learn more about the upcoming trend in Litecoin, and don’t forget to hit the subscribe button!
Currently, LTC’s market value is $51.99 at 9:30 GMT, displaying an ongoing buying spree as it has increased by 12.95% in the past 24 hours!
Let’s see what the graphs have to say about LTC today!
The numerous candlesticks that show lower price rejection reveals the unsuccessful attempts by sellers to cross under the $40 support. However, the price movement hovering around the $40 mark was shaped to form a double-bottom and its breakout suggests an opportunity to recover.
Well you might be aware of yesterday’s prices surpassing the psychological mark of $50, signaling the beginning of a recovery. The pattern's breakout is likely to inspire the altcoin to take on the resistance overhead of $60.
The MACD indicator signals a buying opportunity, based on a bullish crossover in the fast and slow lines. In addition, the bullish divergence in the RSI slope adds points to the bullish recovery thesis.
But, since mid-April, the 20-day EMA has been a constant source of resistance to declining LTC prices. Hence, the breakout of the EMA will be the ultimate confirmation of a recovery phase.
In conclusion, if the buying pressure continues, the price will jump to the psychological resistance of $100.
On the other hand in the event that LTC buyers are unable to reach $60, the price could remain over $40 for a few more sessions.
This was the technical analysis for LTC. We hope this was helpful, and you got what you were looking for!! If you enjoyed the session, please subscribe to Cryptoknowmics!!