Litecoin (LTC) Technical evaluation – LTC Breaks Above Downtrend Line – Recaptures 200DMA

There’s no question that seeing that ultimate December Litecoin (LTC) has found the going a bit treacherous succumbing from its all-time excessive print of $370 on 12-19-17 coupled with the assertion that Charlie Lee would be liquidating a substantial stake in LTC near stated all-time highs.

Over the course of a three and a half month duration from mid-December to the cease of March ’18, in which LTC appears to have bottomed-out within the $110 location, Litecoin witnessed rate erosion of 70%, similar to many all through the cryptocurrency universe.

With the worst appearing to be in the rear-view reflect, we can examine from the day by day chart under that LTC appears to have found its footing and in doing so, has currently broken above its downtrend line as well as recapturing its 2 hundred-Day moving average.



As we can see above, LTC has damaged returned above its downtrend line (mild blue line) and inside the method, has now recaptured its 2 hundred-Day moving common (pink line). Similarly, we can also see that LTC is currently trading above each its 20DMA (yellow line) as well as its 50DMA (blue line) respectively, which portrays a wholesome technical posture.

Moreover, we can also witness thatLTC appears to be nearing a a success circulate out of its inverted Head-and-Shoulders (H&S) sample (Bullish), despite the fact that, a bit greater paintings remains before we will claim such pass a whole fulfillment, wherein if LTC can go top-facet of the $175 stage (Neckline) and ‘stick’, such development might move a long manner in asserting the latest pass effective.

Nonetheless, from a technical point of view, the image has certainly stepped forward for LTC, but, there stays a congestion quarter (highlighted shaded box) that will need contending and to be conquer in the days/weeks beforehand if LTC is to find in addition upside momentum.

For this reason, transferring ahead, both investors/investors may additionally need to pay particular interest to the following stages for similarly proof/clues with admire to path.

If LTC can clean the Neckline (purple horizontal line) at roughly the $one hundred seventy five level and might ‘stick’, the subsequent level of rivalry is positioned on the $199.Forty determine. Should both levels be cleared at any factor within the days ahead, such improvement, must it materialize, might really imply that LTC has regained its mojo and northern trajectory.

With respect to the potential brief-term support, both the $158 level (200DMA), as well as the $142 figure, are areas whereLTC have to discover a lending hand.

Nonetheless, both buyers/buyers may also need to recollect tracking the movement in LTC inside the days/weeks beforehand.

Happy buying and selling!