- LTC value exhibits bullish momentum on the Relative Energy Index.
- The amount profile indicator exhibits bears are usually not actively shorting.
- Invalidation of the bullish thesis is a breach under $50.81.
Litecoin value might rise within the coming days. Key ranges have been recognized.
Litecoin value may rally
Litecoin value might take the cryptocurrency market without warning as a bullish retaliation could unfold within the coming days. Litecoin, the digital silver akin to Bitcoin’s comparability to Gold, has been buying and selling vary sure all through September close to the mid $50 stage. On October 4, the bulls managed to breach the earlier weekly excessive whereas dually rallying impulsively.
Litecoin value at the moment auctions at $54.55. The bulls are testing assist from the 8- and 21-day easy shifting averages after tagging the earlier weekly excessive at $55. The breach of the weekly excessive might be considered as a “calm earlier than the storm sign” If the indicator fails, an increase to the $60 and $66 value ranges might happen.
LTC/USDT 3-Hour Chart
The Relative Energy Index is leaning extra in direction of the bullish narrative on smaller time frames. The amount profile indicator stays comparatively sparse, exhibiting sellers could also be uninterested in decreasing the LTC value on the present time.
Merchants ought to hold their eyes on the Litecoin value within the coming days. Finally a breach of the weekly low at $50.81 will invalidate the bullish bias. If the invalidation happens, an additional decline in direction of a 2020 assist zone at $45 might end in a 16% decline.
Within the following video, our analysts deep dive into the value motion of Litecoin, analyzing key ranges of curiosity available in the market. -FXStreet Workforce
