Taking a quick look at the Litecoin market to find a answer to the latest question, “Is Litecoin DEAD?”. Lets take a look at the 1 Day candle chart for Litecoin VS US Dollar.
For those that have been in the game a long time this won’t be anything new, but Litecoin, one of the first BTC clones, has the tendency to play “catch-up” with BTC in FIAT value. What this means is that we could see a good breakout on Litecoin market at some point as it is only natural for actively traded crypto coins to gain vs FIAT alongside BTC.
It is important to remember that history does not always repeat itself, but in the market we do see cycles that tend to repeat themselves more often than not. When I look at the technicals on the Litecoin chart, I can see a possible bottom forming in the market.
The price has been finding support around the 20 MA which is a good sign, and I would expect a breakout on the market should we stay above this support level on the shorter term. A breakout here could see LTC retest $100 and possibly up to $120, where we could expect a short term correction.
On the flip side, should our MA stop acting as support I will look to the bottom of the channel as my final line of support, should that fail, I would consider going short on the market. Safe trades.
- This reply was modified 8 months ago by CheesePuff. Reason: grammar, spelling