Is the 100 SMA Going to Turn Into Support for Litecoin and Stop the Slide?
Litecoin has been finding it hard to turn bullish again since the crash in the crypto market about a month ago. Buyers have been trying to reverse the price higher, but they have failed, and the highs have been getting lower every time, which is a bearish sign.
Eventually, the moving averages turned into resistance for Litecoin. Although earlier this week we saw a bullish move in cryptocurrencies, led by BITCOIN which took the price above these moving averages. Buyers pushed above the descending trendline as well, which was a bullish sign.
But, as we have seen many times in the last few weeks, as highlighted in our 2021 Litecoin price prediction, buyers couldn’t keep the pressure going, and in the last two days, the prices in the cryptocurrency market have reversed down. Litecoin has returned to the trendline and the moving averages on the H4 chart, but this time from above. Now we will see whether these technical indicators turn into support for LITECOIN .
If they hold, then we should see the LTC/USD turn bullish soon, since the stochastic indicator is oversold as well, which would be good for us, since we are long on Litecoin. If not, then it might head for the first resistance at $145, which is a good price for buyers. So, we are following the price action around here to see what’s next for Litecoin.
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