Litcoin (LTC) – Short-term analysisPosted on Tuesday, October 19 2021 at 8:33 pm GMT+0000
developing in ascending channel
Litecoin (LTC) is steadily pushing the price higher from a short-term perspective despite the rangebound it has been trading on several weeks ago. A consolidation of the price action is happening above the 200-period simple moving average at the H4 chart, with the bulls following a trend line formed from the lows of September. Now, the price is looking to break above the resistance zone of $191.66.
The bullish case gets reinforced with the channel that it’s trending upwards above both 50 and 200 SMAs at the current timeframe. Thus, if the buyers follow the path established by the price action, Litecoin could attempt another rally towards the next critical resistance at $210.60 in a first degree.
However, given that volume is limited at the current stage and that TD Sequential indicator is flashing a bearish signal, bears will look for a selling signal that could send the cryptocurrency to test the 200 SMA floor around $170 as the next tough nut to crack.
If it gives up in favor of the sellers, LTC could plummet towards $153.59. RSI is entering the neutral territory, calling for an uncertainty period in the short term.