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June 22, 2024
Market Analysis

Signs Point to Potential Bull Run for LTC

The Litecoin (LTC) value at present shows bullish indicators towards Bitcoin, prompting hypothesis a few potential vital upward motion for LTC.

Nonetheless, regardless of these promising indicators, the preliminary tendencies noticed this month have leaned in the direction of bearishness. As such, whereas the potential for a pointy enhance within the LTC value looms ought to the bullish indicators intensify, the present market situations recommend a cautious strategy.

Litecoin’s Tough Month: Down 37.3% Amid Market Turbulence

The Litecoin value has skilled a notable decline of over 37.3% this month, following a neighborhood peak of round $113. LTC is hovering across the golden ratio assist degree at roughly $80, providing a possible alternative for a bullish rebound.

Litecoin (LTC/USD) Worth Chart. Supply: Tradingview

Moreover, the Shifting Common Convergence Divergence (MACD) strains have shaped a bullish crossover on the month-to-month chart. Nonetheless, the MACD histogram is starting to development decrease bearishly, whereas the Relative Power Index (RSI) is located in impartial territory.

Learn Extra: How To Purchase Litecoin (LTC) and The whole lot You Want To Know

Weekly Chart Evaluation: The Golden Ratio as a Sturdy Help Degree

Final week, the LTC value initially dipped under the Golden Ratio assist degree of round $80. Nonetheless, the value had exactly returned to this vital assist degree by the week’s shut.

This implies a possible for an upward motion within the present week. Nonetheless, the MACD histogram on the weekly chart signifies bearish indicators because the earlier week.

LTC/USD Chart Analysis BeInCrypto
Litecoin (LTC/USD) Worth Chart. Supply: Tradingview

This suggests a attainable bearish crossover of the MACD strains within the close to future. Furthermore, the Exponential Shifting Averages (EMAs) exhibit a loss of life cross sample on the weekly chart, indicating a bearish development within the medium time period.

In the meantime, the RSI stays impartial territory, providing no clear indications of bullish or bearish momentum.

Litecoin’s Optimistic Sign: Golden Crossover Stays in Every day Chart

In Litecoin’s each day chart, a golden crossover persists, indicating a sustained bullish development within the quick to medium time period. Nonetheless, there was a latest bearish crossover of the MACD strains.

Concurrently, the MACD histogram exhibits bullish momentum at this time, whereas the RSI stays impartial. Two key hurdles lie forward for LTC’s trajectory.

The primary resistance sits round $89.4, coinciding with the 50-day EMA. Moreover, vital Fibonacci resistance looms round $97.

LTC/USD Chart Analysis BeInCrypto
Litecoin (LTC/USD) Worth Chart. Supply: Tradingview

A breach past the golden ratio at $97 would signify the completion of the corrective section, probably paving the way in which for LTC to focus on the 0.382 Fib resistance at roughly $140.

Conversely, ought to LTC expertise downward strain, substantial assist is anticipated between $63 and $67.5.

Bearish Sign: Litecoin’s 4H Chart Reveals Dying Cross Formation

An upward trajectory in the direction of the Golden Ratio degree at roughly $97 suggests a possible enhance of round 18%. Notably, the MACD strains within the 4H chart have not too long ago crossed bullishly, accompanied by a bullish uptick within the MACD histogram.

In the meantime, the RSI stays in impartial territory. Brief-term prospects favor a bullish development.

LTC/USD Chart Analysis BeInCrypto
Litecoin (LTC/USD) Worth Chart. Supply: Tradingview

Nonetheless, it’s important to acknowledge that the development has already been confirmed as bearish by the EMAs’ loss of life cross, emphasizing the continued corrective section.

Learn Extra: Litecoin (LTC) Worth Prediction 2024/2025/2030

Litecoin vs. Bitcoin: Rising Silver Lining in Worth Dynamics

Regardless of the numerous downward development in LTC value towards Bitcoin, there are indications of a possible reversal. Notably, the MACD strains exhibit a bullish crossover on the weekly chart, whereas the RSI signifies a bullish divergence.

LTC/BTC Price Chart.
LTC/BTC Worth Chart. Supply: Tradingview

Ought to Litecoin begin an upward trajectory, it is going to encounter substantial resistance ranges between roughly 0.001716 BTC and 0.00215 BTC. Moreover, the 50-week EMA presents a formidable barrier round 0.00204 BTC.

Disclaimer

Consistent with the Belief Undertaking tips, this value evaluation article is for informational functions solely and shouldn’t be thought of monetary or funding recommendation. BeInCrypto is dedicated to correct, unbiased reporting, however market situations are topic to vary with out discover. At all times conduct your personal analysis and seek the advice of with an expert earlier than making any monetary selections. Please observe that our Phrases and Situations, Privateness Coverage, and Disclaimers have been up to date.

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