Altcoins

Litecoin [LTC] bulls defend $50 with their lives, but were their efforts in vain?

Disclaimer: The findings of the next evaluation are the only real opinions of the author and shouldn’t be thought-about funding recommendation.

Bitcoin [BTC] was in a position to rise previous the $20.7k resistance degree however confronted extra promoting strain above the $22k mark. At press time, the king of crypto was buying and selling at $21.5k. The transfer upward from the $19k space over the previous week noticed Litecoin [LTC] climb meekly from $48 to $52. Nevertheless, regardless of the powerful battle to reclaim the $50 space, an uptrend was not but established.

LTC- 6-Hour Chart

Litecoin bulls defend $50 with their lives, but were their efforts in vain?

Supply: LTC/USDT on TradingView

In late Might, Litecoin established a variety from $60 to $74. In early June, the worth fell sharply beneath this vary. The swing excessive and low of this transfer have been used to plot the Fibonacci retracement ranges (yellow) on the worth chart.

Typically, 61.8%-78.6% retracement space affords stiff resistance. The 38.2% retracement degree can be key, as the worth usually retests this degree as help earlier than shifting upward to the 61.8% degree.

For Litecoin, it may be seen that the 38.2% degree has acted as a strong resistance space over the previous two weeks. Due to this fact, shopping for alternatives would possible not arrive till the $53 degree was flipped to help.

On decrease timeframes, the $50-$52 zone was necessary, and LTC bulls continued to battle to determine dominion over this belt.

Rationale

Litecoin bulls defend $50 with their lives, but were their efforts in vain?

Supply: LTC/USDT on TradingView

Regardless of their powerful battle, the symptoms confirmed that the consumers had not made a lot progress. The Relative Energy Index (RSI) didn’t present a development in progress, although it was above impartial 50. The truth is, it has oscillated between 60 and 40 for the higher a part of the previous month. This hinted at a variety greater than a robust development behind Litecoin.

The On-Stability Quantity (OBV) was additionally shifting sideways over the previous month, and we will infer that purchasing strain has considerably died out in latest weeks. The Chaikin Cash Stream (CMF) agreed with this inference, because it has didn’t climb previous +0.05 up to now three weeks of buying and selling.

Conclusion

Litecoin managed to halt its plunge at $48, and likewise climb previous the $50 mark. But, it was not ample proof to level towards a transfer greater for LTC. The $53 degree was essential. A flip of this degree to help can provide a shopping for alternative focusing on $61.

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