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Litecoin Bulls Must Put In These efforts To Reverse This Tendency.

Litecoin (LTC) remained stuck in a falling triangle arrangement, unable to find a clear direction despite Bitcoin’s rise. While the pattern usually sees a breakdown, the fate of LTC is still unknown.

The cryptocurrency was trading above its short-term moving averages, and its indications were neutral. The price of LTC must close above or below certain critical levels on the chart in order to determine its direction.

Litecoin was trading at $185 at the time of writing, up 0.6 percent in the past 24 hours.

Following a 16% run-up last week, three lower highs at $215, $200, and $197 indicated a downtrend for LTC. On the 4-hour period, a descending triangle setup developed when the two lows produced at the 50 percent Fibonacci Retracement level were combined.

Another assault on the baseline is likely if LTC falls below the confluence of its 20 and 50 Simple Moving Average lines. If LTC falls below $186 USD, a near-term drop of 6.5% to 8% might emerge.

A closing above the higher sloping trendlines and the 61.8 percent Fibonacci level, on the other hand, would signal an upward breakout from the pattern. If the overall market continues risk-on, the next Fibonacci zone at $217 can be tested right away.

The 4-hour RSI appears to be in a down-channel at the moment, and a new bottom might form below the lower trendline, below the 50-mark. There’s a risk that LTC will break south from its triangle as a result of this event. To invalidate this forecast, the RSI would have to go above its upper trendline.

Litecoin Bulls Must Put In These efforts To Reverse This Tendency.

Litecoin Price Chart – Source: CoinMarketCap

There appeared to be good reasons in favor of a breakout from a descending triangle in either direction. To be cautious, traders should hold off on placing positions in the market until LTC closes above or below important levels.

Short-sellers may join the market after LTC closes below the 50% Fibonacci level, while bullish traders can enter once LTC closes over the 61.8 percent Fibonacci level.

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