Disclaimer: The findings of the next evaluation is the only real opinion of the author and shouldn’t be taken as funding recommendation
Litecoin has traded inside a spread since late December and approached the mid-point of the vary. Technical indicators confirmed that the momentum has not fairly flipped bullish for LTC, that means that the response of the worth on the $149 degree will likely be of paramount significance.
Litecoin 12-hour chart
The vary between $123 and $180 was break up utilizing Gann’s rule of eighths to provide the degrees of significance throughout the vary, with the 50% degree at $149 being an important. Over the subsequent few days, a rejection at this degree will see LTC revisit $135, and presumably drop as little as $123. Climbing above the 50% degree, prefer it did just a few days again, will see Litecoin contact the $163 degree of resistance.
The RSI was at impartial 50, displaying an absence of momentum towards both route. The OBV was fairly flat over the previous week, denoting equilibrium between shopping for and promoting volumes. This has to vary for a powerful transfer for LTC to materialize.
The coin’s buying and selling quantity was additionally low. A transfer in the direction of above-average buying and selling quantity will present market conviction and can be utilized to enter a place within the route of the transfer.
The Superior Oscillator was unable to go above the zero line, although it fashioned a bullish twin peak formation on the 18th of Jan, adopted by LTC surging by almost 15% from $140 to $163. The same bullish twin peak arrange will give a purchase sign.
On the time of writing, neither purchase nor promote alerts got by Litecoin. Nevertheless, some elements reminiscent of buying and selling quantity or the worth response at $149 can provide a dealer the sign to enter the market in an applicable route. The 25% and 75% ranges are take-profit ranges, and based mostly on the momentum of LTC the vary lows and highs can be examined.