For the last 15 sessions, Litecoin has been trading within a $30 range; it has not been able to break the $181 resistance or the support at $150.
The Bollinger bands are very narrow for what we are used to in the crypto world; it looks like they are starting to open up at the edge, which could bring higher volatility for Litecoin. Our parabolic SAR indicator suggests that the downtrend will continue, but a lot will depend on whether or not the price will break the support or resistance levels found.
The general trend for most cryptocurrencies is still downwards, with some shines of recovery but unable to accomplish it. The support level at 151.25 will likely be tested in the upcoming sessions. If the price can break it downwards, we could see the pair sink to the $144 levels very soon. On the other hand, if the price can break the resistance at 182.12 and the 23.6% Fibonacci retracement, then the price coils spike to 200’s.
Moving averages are still trading above the price line, indicating a downtrend, they are getting closer to each other, and there could be a cross in the mid-term if the price continues to move laterally.
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