THELOGICALINDIAN - The activity in Litecoin bazaar in the accomplished 24 hours has been aerial The cryptocurrency has bootless to move alike intraday and is now trading on a collapsed agenda at 2979
There are two factors suppressing the movement in Litecoin:
Both of these overhangs should be dealt with bound if Litecoin is to advance its absolute stance.
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According to the latest LTC-USD amount abstruse considerations, Litecoin needs alone a little advancement advance to defended added gains.
Litecoin Blueprint Structure – The blueprint anatomy charcoal absolute until this moment. Litecoin has been ascent college grounds, but the upside has been capped by the 50-day SMA and the 150-day SMA of 3.0355 and 3.0390 respectively.
Moving Average Convergence Divergence – In a big positive, both MACD and Signal Line can be apparent fast abutting the absolute territory. The Histogram is comestible its absolute bent able-bodied with a amount of 0.0385.
Momentum – The Momentum amount has accomplished the accomplished akin of the ages i.e. 0.2071. This agency that the beasts are added assured now than they accept been in the accomplished month.
Money Flow Index – In the antecedent Litecoin amount abstruse assay Buying the Dip?, we discussed that Litecoin is in the overbought area as declared by the MFI amount of 77.7040. The MFI amount has back again collapsed to 68.5240.
Relative Strength Index – The 14-day RSI is annihilation cogent at 52.6500.
Conclusion
Litecoin looks airy at this moment, however, it needs a advance from the Bitcoin bazaar to cantankerous the aerial resistances. On a agnate note, if the Bitcoin bazaar tumbles appropriate now, apprehend this animation to achromatize away.
Market participants can abide to body continued positions in Litecoin until $2.900 is breached (on a closing basis). The ambition of the upside is $3.000.
Do not apprehend any above amount move in the abutting 24 hours.
