The cryptocurrency took a turn after reaching its lowest level for the year. The price was at the $103 level on Jule 21st, and it's been unstoppable since this uptrend has been able to break through the first resistance level at the 23.6 Fibonacci retracement at $176.974.
Like many other cryptocurrencies, Litecoin is rising like foam, but could this last? It's hard to tell because, from a technical point of view, the pair should start falling very soon, but as long as the market is there, the price will continue to rise.
The Bollinger bands are opened, and this will bring high volatility to the pair; the price trades very close to the upper band, suggesting that it is relatively high,
The relative strength index is overbought at 74%, we have seen the RSI above 70% in the past, but it did not last more than five sessions. It started to fall after, and it entered a very aggressive downtrend.
The moving averages crossed on August 7th, indicating that there could be a trend reversal; however, we are still very far from reaching that point which will be at $258.649 according to our Fibonacci retracement.
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