{"id":186092,"date":"2021-09-22T23:00:26","date_gmt":"2021-09-22T17:30:26","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=186092"},"modified":"2021-09-22T18:01:15","modified_gmt":"2021-09-22T12:31:15","slug":"the-key-to-litecoins-price-resuming-its-ascent-is","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/the-key-to-litecoins-price-resuming-its-ascent-is\/","title":{"rendered":"The key to Litecoin’s price resuming its ascent is…"},"content":{"rendered":"

Disclaimer:\u00a0The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice<\/em><\/p>\n

While Litecoin has seen two major breakouts since August, a horizontal channel continues to be relevant on its chart. To reclaim its movement within this pattern, a few criteria need to be met first.<\/p>\n

For one, an immediate close above $163 would be crucial for a bullish outcome. From there, a close above $174 would allow bulls to overtake market control.<\/p>\n

At the time of writing, LTC was trading at $154, down by 3.4% over the last 24 hours.<\/p>\n

Litecoin Daily Chart<\/strong><\/h4>\n
\"\"<\/a>
Source: LTC\/USD, TradingView<\/figcaption><\/figure>\n

Since early August, Litecoin has traded within the confines of a horizontal channel with two key breakouts. The first breakout inspired a rally to a local high of $233, but a broader market sell-off saw an immediate U-turn on the charts.<\/p>\n

The second breakout saw LTC decline in value and shift to a near 2-month low of $144. To enable another recovery back into the channel, LTC needs to close above its first major resistance at $163. From there, a move above the lower trendline would push the price all the way up to the mid-point of the channel at $185.<\/p>\n

However, this outlook would only hold up if LTC sees an immediate throwback over the next 48 hours. If the price fails to close above $163, some stabilization can be expected with $144 and $130 functioning as support lines.<\/p>\n

For short-sellers, a close below $123.4 would offer interesting opportunities. However, some positions can be taken below $144 as well.<\/p>\n

Reasoning\u00a0<\/strong><\/h4>\n

Since LTC’s RSI was in oversold territory at press time, buyers could come to the rescue. Such a reaction was also observed on 8 September after which the RSI surged all way above 60. The MACD also flashed a few positives. The index was close to a favorable crossover and a bullish double bottom formation.<\/p>\n

However, the Awesome Oscillator was yet to take up a favorable position and traded below the half-line. In doing so, it was positioned favorably for sellers. The next peak above the half-line would provide more clarity as far as the future of a bullish resurgence is concerned.<\/p>\n

Conclusion\u00a0<\/strong><\/h4>\n

Despite recent losses observed in LTC’s market, recovery did not seem a very far-fetched idea. Litecoin was trading above key support levels and buyers had a platform to respond to selling pressure.<\/p>\n

A close above $163 would heighten the chances of a throwback within the pattern and allow LTC to maintain its bullish structure. If the $163-resistance denies a breakout, LTC’s horizontal channel would likely be negated. Fresher lows can be expected from that point.<\/p>\n","protected":false},"excerpt":{"rendered":"

Disclaimer:\u00a0The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice While Litecoin has seen two major breakouts since August, a horizontal channel continues to be relevant on its chart. To reclaim its movement within this pattern, a few criteria need to be met first. ForContinue reading “The key to Litecoin’s price resuming its ascent is…”<\/span><\/a><\/p>\n","protected":false},"author":37,"featured_media":186127,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,41,18,66,3,4,20],"tags":[75],"class_list":["post-186092","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-analysis","category-hide-cryptopanic","category-new-news","category-news","category-social","category-trading-view","tag-litecoin-price-prediction"],"acf":[],"yoast_head":"\nThe key to Litecoin's price resuming its ascent is... - AMBCrypto<\/title>\n<meta name=\"description\" content=\"While Litecoin has seen two major breakouts since August, a horizontal channel continues to be relevant on its chart. 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