FX.co ★ Litecoin looks to trade higher

Litecoin looks to trade higher

LTC/USD is moving somehow sideways in the short term. It was trading at 54.33 level at the time of writing and it seems determined to resume its growth. Still, the altcoin stands below a strong upside obstacle, so it's premature to talk about an upside continuation.

Litecoin registered an 11.12% growth from yesterday's low of 50.38 to 55.98 today's high. Bitcoin's larger rebound could help the LTC/USD to jump towards new highs. Technically, the price action signaled exhausted sellers and a potential broader swing higher.

LTC/USD Accumulation!

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Litecoin looks to trade higher

Technically, LTC/YSD retested the lower median line (lml) and now it has made a new higher high signaling potential for further growth. As you can see, the altcoin moves somehow sideways between the weekly pivot point of 50.27 and 56.24 levels.

It has retested the immediate downside obstacles and now it tries to approach and reach the 56.24 level again. The current range could represent an accumulation before resuming its growth.

LTC/USD Outlook!

A valid breakout above 56.24, a new higher high could activate further growth and could bring new buying opportunities.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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