Cryptocurrency

Is Litecoin Token Bullish Trend Getting Ready For $300 Mark? – Cryptocurrency News

Litecoin

  • Litecoin token is now consolidating at the higher levels, after a strong bullish rally over the monthly chart with a slight increment in volume action.
  • The crypto asset over the monthly chart is trading above all major moving averages of 20, 50, 100, and 200-day lines, with a positive crossover of short-term moving averages over major DMA lines.
  • The pair of LTC/BTC is trading on a negative note at 0.004171 BTC with an intraday loss of -4.65%, and the ratio of LTC/ETH is CMP at 0.05592 ETH with a 24-hour change of -3.01%.

tradingview

Litecoin token is presently consolidating at the higher levels after witnessing an excellent or decisive buying action from lower levels. The crypto asset over the monthly chart is trading on a bullish note with positive activity over the vital moving averages. In contrast, the coin is currently placed above all crucial moving averages of 20, 50, 100, and 200-DMA lines, with slight positive volume action.

The short-term moving averages of 20 and 50-DMA lines are heading towards the 100 and 200-DMA for a positive crossover. Volume over the monthly chart is witnessing a slight increment from lower levels, which also jumps above its average line. Support on the more downside is at $189 and $158, whereas resistance on the higher side is $240 and $295.

Litecoin token faces minor pullback from the higher side at weekly charttradingview

Litecoin token faces minor pullback from the higher side on the weekly chart after a strong bullish rally. The technical parameters project slightly bearish momentum over the short-term time frame, and volume also falls lower. Presently, litecoin is trading at $219 with an intraday dip of -2.97%, and the volume to market cap ratio is at 0.2655.

Relative Strength Index (NEUTRAL): litecoin token RSI presently indicates a sideways with a slightly bearish trend over the weekly chart. In contrast, the RSI is heading lower after testing the overbought zone and CMP at 58.

Moving Average Convergence Divergence (BEARISH): This currently indicates a bearish trend on the daily chart. The seller’s line (orange) is overpowering the buyer’s signal line (blue), with no sign of any significant recovery.

Support levels: $189 and $158

Resistance levels: $240 and $295.

Pratik Chadhokar

Pratik Chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and possesses strong technical analytical skills. He is well known for his entertaining and informative analysis of the Financial markets.

The short-term moving averages of 20 and 50-DMA lines are heading towards the 100 and 200-DMA for a positive crossover. Volume over the monthly chart is witnessing a slight increment from lower levels, which also jumps above its average line. Support on the more downside is at $189 and $158, whereas resistance on the higher side is $240 and $295.

Source: https://themarketperiodical.com/2021/09/07/is-litecoin-token-bullish-trend-getting-ready-for-300-mark/

Donovan Larsen

Donovan is a columnist and associate editor at the Dark News. He has written on everything from the politics to diversity issues in the workplace.

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