Home Tech Litecoin (LTC) Chart Suggests Rally May Still Have Legs

Litecoin (LTC) Chart Suggests Rally May Still Have Legs

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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.

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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 nicholas.cawley@ig.com.

Source:www.dailyfx.com