Disclaimer: The findings of the next evaluation is the only real opinion of the author and shouldn’t be taken as funding recommendation
Litecoin has traded inside a spread since late December and approached the mid-point of the vary. Technical indicators confirmed that the momentum has not fairly flipped bullish for LTC, which means that the response of the worth on the $149 degree can be of paramount significance.
Litecoin 12-hour chart
The vary between $123 and $180 was cut up utilizing Gann’s rule of eighths to provide the degrees of significance throughout the vary, with the 50% degree at $149 being crucial. Over the subsequent few days, a rejection at this degree will see LTC revisit $135, and probably drop as little as $123. Climbing above the 50% degree, prefer it did a number of days again, will see Litecoin contact the $163 degree of resistance.
The RSI was at impartial 50, exhibiting a scarcity of momentum towards both course. The OBV was fairly flat over the previous week, denoting equilibrium between shopping for and promoting volumes. This has to alter for a robust transfer for LTC to materialize.
The coin’s buying and selling quantity was additionally low. A transfer in direction of above-average buying and selling quantity will present market conviction and can be utilized to enter a place within the course of the transfer.
The Superior Oscillator was unable to go above the zero line, although it shaped a bullish twin peak formation on the 18th of Jan, adopted by LTC surging by practically 15% from $140 to $163. An identical bullish twin peak arrange will give a purchase sign.
On the time of writing, neither purchase nor promote indicators got by Litecoin. Nonetheless, some components equivalent to buying and selling quantity or the worth response at $149 may give a dealer the sign to enter the market in an applicable course. The 25% and 75% ranges are take-profit ranges, and primarily based on the momentum of LTC the vary lows and highs can be examined.