Litecoin (LTC) Chart Suggests Rally May Still Have Legs
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.
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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.
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Litecoin (LTC) Price Chart in US Dollars (October 19, 2017 – March 12, 2018)
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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 firstname.lastname@example.org.
--- Written by Nick Cawley, Analyst.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.