Litecoin Faces Strong Support at $98; LTC May Recover Soon
Litecoin was trading around $280 during November, after which the coin has been descending and has recently reached its support region around $99. The coin has been registering lower lows for the past few months. LTC is currently moving at the edges of the support line, and recently the price hit the support but couldn’t trade below it. On March 04, the coin has marked a 13% plunge. Over the past three months, the LTC coin has declined enormously.
The Signal line overlaps the MACD line in the above chart, which indicates a bearish signal. The price should cross $143 for the future rally. RSI being 40 is currently neutral but may head towards the oversold zone if the coin continues to correct further. The volume bar shows mixed momentum. On February 10, the price hit the downtrend line but failed to cross it. Thus, for an up-trending pattern, the coin should cross the downtrend line. If the price of Litecoin can hit the $125 mark, it will continue to record a tremendous rally as per LTC price prediction.
On the longer time frame, we can witness bearishness from the last four weeks. In the previous week’s candle, the bulls tried to push the price up but couldn’t close near its high. The candle closed nearby to where it opened as neither the bulls nor the bears could take a robust price movement. The forming weekly candle is getting rejected at the support line, and an up-trend pattern can be expected if the coin turns around from here. The coin is moving within the triangle pattern formed. However, once it suppresses the triangle and closes outside it, a bullish momentum can be expected.
