Litecoin (LTC) – In correction mode

Litecoin (LTC) – In correction mode

Posted on Thursday, November 11 2021 at 9:39 pm GMT+0000

Litecoin (LTC) – Short-term analysis

Litecoin (LTC) keeps the rally alive despite the recent pullback towards the support level of $258.62. Such a move can be taken as a corrective maneuver of the cryptocurrency to catch new bids and target new highs, as the projections put LTC’s price around $300 in the short term.

However, due to the current impulsive structure of the bull-run, Litecoin could deepen its corrective move towards the Ichimoku Kumo around $240 to gather buying demand, which is a normal behavior.

Currently, the RSI indicator keeps favoring the bullish scenario in the crypto at the H4 chart.

On the other hand, once the price breaks above $283.12, the eyes will be on the $400 psychological level in the near term because history tells us that LTC didn’t have major hurdles beyond $300. Meanwhile, the 200-period simple moving average keeps making a confluence with the Ichimoku Kumo.