{"id":13652,"date":"2022-04-13T09:32:45","date_gmt":"2022-04-13T09:32:45","guid":{"rendered":"http:\/\/egrowonline.com\/?p=13652"},"modified":"2022-04-13T09:32:45","modified_gmt":"2022-04-13T09:32:45","slug":"litecoin-a-potential-breakout-would-mean-this-for-investors","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=13652","title":{"rendered":"Litecoin: A potential breakout would mean this for investors"},"content":{"rendered":"


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Litecoin\u2019s (LTC) July-November 2021 bull run saw exceptional gains that halted near the 61.8% Fibonacci resistance. Since then, LTC has steeply downturned within the bounds of multiple reversal patterns.<\/span><\/p>\n

The wider market correction stalled LTC\u2019s northbound trajectory from the 23.6% Fibonacci resistance. Now, a potential break from its current reversal pattern could brace the alt for a test of the $114-zone. At press time, LTC traded at $104.68.<\/span><\/p>\n

LTC Daily Chart<\/span><\/strong><\/p>\n

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Source: TradingView, LTC\/USD<\/p>\n<\/div>\n

The buyers decisively guarded the 14-month-long support near $98. Hence, the altcoin registered an over 45.9% ROI from its yearly low on 24 February toward the 23.6% level. But following Bitcoin\u2019s weekly double-digit fall, LTC dipped in a falling wedge (white) on its daily chart.<\/span><\/p>\n

As a result, the EMA ribbons undertook a bearish flip after the sellers propelled high sell-offs and pushed the price toward the lower band of Bollinger Bands (BB). Also, while the 200 EMA (green) still looked south, the bears kept the long-term trend under their influence.<\/span><\/p>\n

A potential break above the current reversal pattern would provoke a bullish revival toward the immediate trendline resistance (white, dashed). Then, considering the steepness of the near-term EMAs, LTC could continue a squeeze phase $114-$106 range.\u00a0<\/span><\/p>\n

Rationale<\/span><\/strong><\/p>\n

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Source: TradingView, LTC\/USD<\/p>\n<\/div>\n

The RSI lost its momentum soon after the price hit the 23.6% Fibonacci ceiling. It depicted a seller\u2019s market while falling into a down-channel. A compelling close above the 38-mark would hint at a near-term recovery on which the bulls can capitalize.<\/span><\/p>\n

The acute polarity between the Aroon indicators keeps up the bullish revival hopes. While the Aroon up (yellow) approached the zero-mark, any revival from this level would favor the buyers.<\/span><\/p>\n

Conclusion<\/span><\/strong><\/p>\n

As the price oscillated in the confines of a falling wedge while reaching near the lower band of BB, LTC had a tangible potential to test the $114-zone in the coming days. With the 20 EMA still looking south, the bears would then try to push the price below and initiate a tight phase.<\/span><\/p>\n

Moreover, LTC shares a monstrous 93% 30-day correlation with the king coin. A close eye on Bitcoin\u2019s movement would be imperative to make a profitable move.<\/span><\/p>\n<\/p><\/div>\n


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Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Litecoin\u2019s (LTC) July-November 2021 bull run saw exceptional gains that halted near the 61.8% Fibonacci resistance. Since then, LTC has steeply downturned within the bounds of multiple reversal patterns. The wider market correction stalled LTC\u2019s northbound trajectory from the 23.6% Fibonacci resistance. Now, a potential break from its current reversal pattern could brace the alt […]<\/p>\n","protected":false},"author":1,"featured_media":13653,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[43],"tags":[528,102,199,1270],"class_list":["post-13652","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-litecoin","tag-breakout","tag-investors","tag-litecoin","tag-potential"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2022\/04\/Untitled-design-23-1000x600.png","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/13652","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=13652"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/13652\/revisions"}],"predecessor-version":[{"id":13654,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/13652\/revisions\/13654"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/13653"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=13652"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=13652"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=13652"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}