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August 09, 2021

Litecoin unable to consolidate breakout

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The cryptocurrency temporarily broke the resistance level at $149, the previous high since June 22nd.

The relative strength index got very close to entering an overbought status, making investors react and close their long positions. The fall in price will likely allow the pair to attempt another breakout of the $149 level in the short term; we will have to wait and see how much the price retraces.

The Bollinger bands are closing, and volatility should be lower than previous sessions; the price trades closer to the upper band, and it's close to being considered relatively high, potentially making the price fall a bit more before a new breakout attempt.

 

Litecoin August 6th 2021


The price trades inside the Ichimoku cloud, and traders might see this as market uncertainty; it's possible to see the price inside the cloud for a few more sessions. Our parabolic SAR indicator suggests that the uptrend will continue; however, this will take some time as other indicators suggest the opposite.

The short and long-term moving averages crossed, indicating that the general trend is now upwards; the price will likely find more pullbacks in the medium term.

 

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