Baxia Markets
June 06, 2021

Do you think Litecoin could fall to the $155 levels?


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Most cryptocurrencies are mirroring Bitcoins movements. Litecoin has lost more than 11% in two trading sessions and broke a significant support level at 188.04 at our 23.6% Fibonacci Retracement.


The relative strength index continues above 40%, which will allow the pair to continue falling for the short term. Once the price gets closer to the 30% oversold status, we would most likely see a retracement. 


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The price coils reach 155 levels in the short term as that is the level where it found support in previous days. The Bollinger bands are closing up, meaning that volatility would be lower; this is normal during the weekends as there are fewer active traders. 


The short and long-term moving averages continue expanding and moving downwards. The price trades below these lines, which also indicates a downtrend for the medium term. 


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