The chart below indicates that we can see that the Litecoin (LTC)trade price is trading at $46.92, while it can also be observed to be trading within the channel. The upper limit at $47.72 is acting as resistance and the lower limit at $45.54 is acting as support. It is suggested to use strict stoploss while trading as the support level is weak.
One of the largest digital currencies LTC is currently appearing in the accumulation phase. This is the phase when the knowledgeable and informed investors are actively buying the cryptocurrency against the general opinion of the crypto market.
During this phase, the digital currency’s price does not change much because these investors are in the minority demanding supply that is wholly available.
The Litecoin price is moving between the channels with the middle average line acting as support and the upper limit acting as resistance. It can be seen that the channel is expanding with a negative momentum, which indicates increased volatility with a downtrend propulsion. Therefore some correction is expected, and taking long positions is not suggested.
When taking 9 period moving averages (blue) with 21 period moving averages (red), a bullish crossover is seen; yet, the LTC price is trading below the 9 period moving average.
This indicates indecision of the investors. It is suggested to wait until the cryptocurrency price starts trading above the moving average.
The price of Litecoin (LTC)trade is trading at $46.92. The resistance is at $47.72 and $45.54 is acting as support. It is recommended not to take any long position at this price range as there is an indecision in the market.
Swing trading can be done by keeping the upper limit of the channel as resistance and the lower limit as support. It is also suggested to wait until the price closes above the moving average before taking a long position. Litecoin’s long term trend is neutral as there is no signal of a positive breakout.