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Litecoin (LTC) Chart Suggests Rally May Still Have Legs

Litecoin (LTC) Chart Suggests Rally May Still Have Legs

2018-03-12 09:40:00
Nick Cawley, Strategist
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Litecoin News and Talking Points

- Litecoin looks set to move higher if the recent downtrend is broken convincingly.

- Fibonacci resistance at $210 is the first target.

If you are interested in trading cryptocurrencies we have just released a new Guide to Day Trading Bitcoin and Other Cryptocurrencies to help you navigate the market.

We will be discussing a wide range of topics covering cryptocurrencies, security and blockchain with former Ethereum CCO Stephan Tual at a Special Live Discussion on March 13 at 14:00 GMT.

Litecoin (LTC) Chart Has a Positive Hue

After slipping from a recent high of $254 on February 20 to a low print of $158 on March 9, Litecoin (LTC) has turned around on the chart and trades back above Fibonacci retracement at $172. The token is also touching the current downtrend line and a break and close above this should leave the 50% Fibonacci retracement level at $210 as the first target. The stochastic indicator has turned around from being extremely oversold, while the IG Client Sentiment Indicator shows that while LTC traders are still net-long, recent positioning changes highlight a mixed trading bias. Support should set in at the previously mentioned $172 ahead of a double-low at $158.

We discuss a range of cryptocurrency charts and price set-ups at our Weekly Cryptocurrency Webinar every Wednesday at 12:00 GMT.

Litecoin (LTC) Price Chart in US Dollars (October 19, 2017 – March 12, 2018)

Litecoin (LTC) Chart Suggests Rally May Still Have Legs

Cryptocurrency Trader Resources – Free Practice Trading Accounts, Guides, Sentiment Indicators and Webinars

If you are interested in trading Bitcoin, Litecoin, Ripploe, Bitcoin Cash or Ethereum we can offer you a wide range of free resources to help you. We have an Introduction to Bitcoin Trading Guide along with a Free Demo Account.

What’s your opinion on Litecoin – bullish or bearish? Share your thoughts and ideas with us using the comments section at the end of the article or you can contact me on Twitter @nickcawley1 or via email at nicholas.cawley@ig.com.

--- Written by Nick Cawley, Analyst.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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