Litecoin (LTC) Chart Suggests Rally May Still Have Legs
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Litecoin (LTC) Chart Suggests Rally May Still Have Legs

DailyFX.com -

Litecoin News and Talking Points

- Litecoin looks set to move higher if the recent downtrend is broken convincingly.

- Fibonacci resistance at $210 is the first target.

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Litecoin (LTC) Chart Has a Positive Hue

After slipping from a recent high of $254 on February 20 to a low print of $158 on March 9, Litecoin (LTC) has turned around on the chart and trades back above Fibonacci retracement at $172. The token is also touching the current downtrend line and a break and close above this should leave the 50% Fibonacci retracement level at $210 as the first target. The stochastic indicator has turned around from being extremely oversold, while the IG Client Sentiment Indicator shows that while LTC traders are still net-long, recent positioning changes highlight a mixed trading bias. Support should set in at the previously mentioned $172 ahead of a double-low at $158.

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Litecoin (LTC) Price Chart in US Dollars (October 19, 2017 - March 12, 2018)

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If you are interested in trading Bitcoin, Litecoin, Ripploe, Bitcoin Cash or Ethereum we can offer you a wide range of free resources to help you. We have an Introduction to Bitcoin Trading Guide along with a Free Demo Account .

What's your opinion on Litecoin - bullish or bearish? Share your thoughts and ideas with us using the comments section at the end of the article or you can contact me on Twitter @nickcawley1 or via email at nicholas.cawley@ig.com.

--- Written by Nick Cawley , Analyst .

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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