ICOcreed logo ICOcreed logo
ICOcreed logo
Cryptoknowmics 2022-09-21 11:26:54

LTC Technical Analysis: Rising Channel Breakout Warns Litecoin Holders

The LTC technical analysis displays a bearish breakout of a rising channel teasing a downfall to the $48 mark or even lower. The LTC price action displays a bullish failure to sustain the rising channel pattern resulting in a drop below the support trendline. Moreover, the sike in the intraday trading volume supporting the breakout rally increases the chances of a price drop below $48. So, should you consider taking a short position? Key Points: The Litecoin prices show a bearish trend breaking the rising channel. The reversal from the 100-day EMA challenges buyers at $50. The intraday trading volume in Litecoin is $540 Million. Source-Tradingview LTC Technical Analysis The LTC price displays the bearish reversal from the 100-day EMA, breaking the 50-day EMA and the bullish pattern in the daily chart. The fallen rising channel has accounted for a price jump of 44%, but the lost bullish dominance at the support trendline signals a selling opportunity. The bearish candle of 8.97% drop gives the mentioned bearish breakout, but the lack of follow-through is evident by the numbers of lower price rejection candles. However, with the reversal from the 100-day EMA, the bearish influence over the 50 and 100-day EMA increases. Currently, the intraday trading volume spikes, but the lack of bearish follow-through lights the bullish reversal hope. After the expected retest shows sustainability below the breached support trendline, the LTC ...

Disclaimer : All crypto price forecasts provided on our website are only for general information. The content should not considered as financial advice, legal advice or any other form of advice meant for your investment. Conduct your own research before investing in any cryptocurrency. Trading is a highly risky business, please consult with your financial advisor before making any decision.