LTCUSD (Litecoin) – Week 30 – Eyeing the resistance
In July, the price of Litecoin closely tracked that of the larger cryptocurrency market. However, the alt's margin of loss was far lower than some of the market's other big alts. Despite a recent 13.8 percent price reduction, the number of unique addresses engaging with LTC has increased by 47.5 percent in the previous 10 days, according to a recent Santiment report. Furthermore, according to a recent report, Litecoin was third on last week's sentiment charts, with a score of 33 among the top five coins.
From a technical perspective, Litecoin retested the low in this structure a few days ago, then made a move to the upside that broke the orange trendline marked on the chart. If the price consolidates in this area we give a higher probability for a continuation to the upside. We advise caution.
Trade with care.
Best regards,
Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
From a technical perspective, Litecoin retested the low in this structure a few days ago, then made a move to the upside that broke the orange trendline marked on the chart. If the price consolidates in this area we give a higher probability for a continuation to the upside. We advise caution.
Trade with care.
Best regards,
Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
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