The popular cryptocurrency Litecoin (LTC) has seen a 296% pullback after being rejected at the 38 dollar resistance level. The LTC bulls moved the price up to $ 268 during the recovery phase, but the lack of momentum in the market did not allow further gains.
According to daily chart data, it seems that the popular crypto currency has reversed its upward trend and is in the recovery stage. But this retreat has made investors more cautious. LTC is trading at 268 dikar levels at the time of our news. A large withdrawal of the LTC price leads to confirmation of the downtrend, while the popular crypto currency, which is currently trying to recover, can follow a stable price course if it can stabilize. However, in sessions where the price moves horizontally, it has become quite difficult to determine the trend.
The RSI is at 57 and has broken its direction up. However, according to the Chaikin Money Flow indicator, it is approaching the zero zone, marking a critical turning point. The popular cryptocurrency Litecoin may continue its downward movement from the 244 dollar to the 271 dollar as it decelerates in the short term. However, if the RSI enters the buying pressure zone, the bulls may retest the key resistance point of the 296 dollar. In addition, the LTC price has managed to climb to $270, although it has retreated to $244 in the last 24-hour time frame.
What Does Litecoin Technical Analysis Data Point To?
Litecoin (LTC) investors are witnessing a period of consolidation. The popular crypto currency, which has been following a rather volatile course this month, may experience a pullback in the coming sessions. However, the price movements of the leading crypto currency Bitcoin and the second most popular crypto currency Ethereum may lead the altcoin rally. In this regard, experts recommend that investors carefully direct their transactions in the coming sessions.