The Litecoin market was holding on to a excessive worth and has managed to seek out assist at $163.91. With a market capitalization of $13 billion, the altcoin has been buying and selling at $194.82. Not like the volatility that was seen throughout the crypto market, the Litecoin [LTC] market has been holding on to its worth whereas conserving the promoting stress in examine.
Litecoin 1-day chart
Litecoin’s value has been transferring between $163.91 and $243.95 since February and has not managed to breakdown from this vary since. This wave-like motion between the aforementioned stage has pushed the digital asset in the direction of a bullish reign.
Nevertheless, it might not be capable of maintain onto the bullishness because the bears out there progress. This might be an opportune time to quick the digital asset.
The low volatility out there was highlighted by the convergence of the Bollinger Bands. Nevertheless, this low volatility has not been capable of maintain the bears at a distance. The market seemed to be at some extent the place it was going to flip the market pattern.
The sign line has been below the candlesticks, which meant that the worth is trending greater. Nevertheless, the sign line was near crossing over, which recommended that regardless of the present bullishness, the LTC market was dropping steam and will witness a drop. Equally, the 50 transferring common was additionally performing as a assist, nevertheless, if the worth breaks the assist it might be heading in the direction of $163.91.
Whereas the momentum out there has been misplaced as a result of low volatility, an increase in momentum might be seen as the worth drops.
Take revenue: $163.08
Danger to Reward: 1.08
The Litecoin market has been holding robust within the long-term, nevertheless, there might be a drop developing. The symptoms had been exhibiting the pattern has reached an inflection level and will reverse anytime now. The merchants can take revenue at $163.91.
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