LITECOIN PRICE ANALYSIS: STUCK BETWEEN ROCK AND HARD PLACE !
Fundamental data shows an unbiased Litecoin. In other words, sideways trading is taking precedence, leaving LTC stuck between robust resistance and support areas.
clusters of resistance zones may invalidate a potential breakout to $100. The largest hurdle runs between $86.5 and $89.12, where nearly 500,000 addresses purchased 4.5 million LTC.
On the downside, Litecoin sits on top of solid support areas with the immediate one taking the position between $79.4 and $81.62. Approximately 485,000 addresses bought 5.24 million LTC in this range.
A break on either side of the highlighted support and resistance would determine if the decline continues or a trend reversal occurs.
Meanwhile, sitting above the Bollinger bands middle boundary affirms the sideways trading structure. However, the overall narrowing of this indicator hints at a potential breakout either up or down. Often the tighter the constriction the larger will be the potential breakout.
Since the Relative Strength Index (RSI) has moved above the midline following a dip into the oversold region at the beginning of this month, a bullish outcome is highly likely...
The RSI must up uphold the uptrend toward the overbought region to keep the bullish thesis in LTC price validated. In the short term, a daily close above $82 will go a long way to reinforce the bullish grip, increasing the chances of testing the huge fundamental barrier around $90.
Traders cannot rule out a potential sweep through lower levels at $76 and $72. Both of these levels were important to Litecoin in April and early May.
Fundamental data shows an unbiased Litecoin. In other words, sideways trading is taking precedence, leaving LTC stuck between robust resistance and support areas.
clusters of resistance zones may invalidate a potential breakout to $100. The largest hurdle runs between $86.5 and $89.12, where nearly 500,000 addresses purchased 4.5 million LTC.
On the downside, Litecoin sits on top of solid support areas with the immediate one taking the position between $79.4 and $81.62. Approximately 485,000 addresses bought 5.24 million LTC in this range.
A break on either side of the highlighted support and resistance would determine if the decline continues or a trend reversal occurs.
Meanwhile, sitting above the Bollinger bands middle boundary affirms the sideways trading structure. However, the overall narrowing of this indicator hints at a potential breakout either up or down. Often the tighter the constriction the larger will be the potential breakout.
Since the Relative Strength Index (RSI) has moved above the midline following a dip into the oversold region at the beginning of this month, a bullish outcome is highly likely...
The RSI must up uphold the uptrend toward the overbought region to keep the bullish thesis in LTC price validated. In the short term, a daily close above $82 will go a long way to reinforce the bullish grip, increasing the chances of testing the huge fundamental barrier around $90.
Traders cannot rule out a potential sweep through lower levels at $76 and $72. Both of these levels were important to Litecoin in April and early May.