Baxia Markets
August 02, 2021

Litecoin ends a long winning streak

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The cryptocurrency maintained a winning streak for ten trading sessions; however, the price found a strong resistance level at $150 once again. The pair has been moving up consistently without entering an overbought status.

The Bollinger bands are wide and opening up at the edge, meaning that volatility should be higher during the following trading sessions. The price is close to reaching the upper band, in which case we would expect the price to start dropping after being considered relatively high.

Litecoin July 30th 2021-1


The price is trading inside the Ichimoku cloud; some traders might see this as a sign of market uncertainty, but the trend looks solid; we would have to wait and see if Litecoin will attempt another break after recovering some RSI. There could be a retracement if there is no breakout, which will allow the RSI to move to a safer level.

The moving averages are starting to move up for the first time since mid-May. If the price continues climbing, we could see a crossing, which will indicate a trend reversal, making it easier for the price to continue rising.


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