Litecoin Market Attempts to find a Bottom at $100– January 31
The LTC/USD market attempts bottoming around $100 as the crypto economy fails to rally northwardly toward a higher resistance line in its lately range-bound trading outlook. The crypto trade features between the high of $108 and $104 since the commencement of operations today as it keeps a negative percentage of 3.83.s
Market Attempts Bottoming at $100: LTC Trade
Key Levels:
Resistance levels: $120, $130, $140
Support levels:$80,$70, $60
LTC/USD – Daily Chart
The LTC/USD daily chart reveals the crypto-economic market attempts to find a bottom around $100 after a line of a range-bound trading pattern characterized by smaller candlesticks that featured a bit above the value line. The 50-day SMA trend line is above the 14-day SMA trend line. The bearish channel trend lines drew southward, embodying the downward trend forces. The Stochastic Oscillators are in the oversold region with their lines closed at the range of 20, seemingly making an effort to indicate a return of falling force.
Would it be technically ideal to follow a falling force afterward as the LTC/USD market attempts bottoming at $100?
Against the expectation that the LTC/USD trade would have to rally toward a higher resistance point around the trend line of the 14-day SMA in its recent range-bound trading pattern, but the crypto’s price has taken to a downward course as the market attempts to find a bottom at $100 presently. However, it may as well not be too good for traders to follow the motion to the downside. Long-position traders may now have to be on alert to spot when a sign of the market attempting to make a rebound against the current value line trading zone.
On the downside of technical analysis, the LTC/USD market short-position traders needed to make their efforts consolidating around the $100. So, therefore, there will be more falling potentialities against the value line to achieve lower values to their advantages. In a bid to achieve that presumption, a bearish candlestick has to take to a full-fledged formation against the value line mentioned earlier sustainably.
LTC/BTC Price Analysis
In comparison, Litecoin’s pushing ability wallows under a falling force inflicted on it by Bitcoin over a couple of sessions. The cryptocurrency pair market attempts to find a bottom further underneath the trend lines of the SMAs. The 50-day SMA indicator is above the 14-day SMA indicator. All the trading activities involving the crypto pair are within the trending pace of the bearish channels. The Stochastic Oscillators are in the oversold region with conjoined lines, indicating a consolidation moving style. That signifies the base crypto is still losing stances to the flagship counter crypto.
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Source: https://insidebitcoins.com/news/litecoin-price-prediction-ltc-usd-market-attempts-downing-at-100