Baxia Markets
June 14, 2021

Litecoin Moving Laterally

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The cryptocurrency is having a good Sunday as the price has gained more than 5% in the trading session, a few cryptos are having a good day, and most of them mirror Bitcoin’s price movement. Still, Litecoin continues moving laterally, indicating that the market is undecided.

The price is getting closer to the support level at $188.046 on a downtrend, but if the uptrend continues, the pair could break it and continue climbing to the next support at 231.099; however, the general trend continues to be downwards since May 10th.


Litecoin June 11th 2021

The relative strength index is at 42%, which will allow the pair to move in either direction, more so upwards, as we identify this movement as a pullback. The asset could find support at the 23.6% Fibonacci retracement and then continue its downtrend.

The Bollinger bands are narrow, meaning that volatility will be lower in the upcoming sessions, the price trades close to the middle of the bands. It could continue to get gains or follow the general trend.

Price continues trading below the short and long-term moving averages, which also strengthens the general downtrend.


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