Baxia Markets
By
May 20, 2022

Litecoin finds resistance at $74.33

technical analysis top header -01

The cryptocurrency fell to its lowest level since November 2020. The pair showed some recovery potential but found strong resistance close to the 23.6% Fibonacci retracement; Litecoin is on its way to a third breakout attempt.

 

The Bollinger bands are wide, and volatility is expected to be high in the upcoming trading sessions; the lower band acted as a support level and slowed down the plunge; now that the pair has found resistance, we will have to wait and see if a third attempt is successful and make a trading decision.

 

 

Litecoin May 19th 2022

 

The relative strength index is at 36%, which is just shy of the oversold status it maintained from May 9th to May 17th. This RSI will allow a potential recovery as many investors are likely to enter the market at a low price. Our parabolic SAR indicator suggests that the pair will start an uptrend in the short term; a lot will be based on whether or not the resistance breakout can be completed.

 

We love to hear new ideas from traders and want to know what you think! 

 

If you like this topic and want to suggest future topics that you find helpful, let us know by clicking the ‘submit your feedback’ button below.

 

Open Live Account  

 

Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. 

 

Nothing contained in this website should be construed as investment advice. Any reference to an investment's past or potential performance is not, and should not be construed as, a recommendation or as a guarantee of any specific outcome or profit.

Subscribe by Email