Litecoin has developed trendline support since 12th September – as have several other crypto assets. It has now broken below this trendline which it is now retesting. If it can’t reclaim the trendline, and breaks support at 56.60, it is likely to retrace all the way to September’s low at $47.50 ( the symmetrical triangle target is 48.65).
If it reclaims the trendline and breaks resistance at 59.30 it should move back to test the recent high at 65.66, or at least the 50-day EMA at 61.14, quite easily. It’s worth noting that the retest has occurred on increased volume, so this scenario is not out of the question.
If it reclaims the trendline and breaks resistance at 59.30 it should move back to test the recent high at 65.66, or at least the 50-day EMA at 61.14, quite easily. It’s worth noting that the retest has occurred on increased volume, so this scenario is not out of the question.