-Bears have relentlessly defended the $200 level
-Price has been held up by the 100MA for a month
Litecoin has underperformed the market over the last month. Even though prices are up over 50% from its low in July, comparing these gains to other coins in the top 20, LTC is severely lagging behind. Litecoin is one of the OG coins as it was released well before the majority of the top 20 cryptocurrencies. As long as the market is , LTC is , even though it has not produced any eye opening gains. Someday LTC may be used for more real world cases but until then, it will likely follow in BTCs footsteps.
Since the low near $100 was set on LTC, price has formed a clear . Bulls & bears have equally defended each as price continues to bounce in between the channel. As long as LTC stays within the channel , price will continue up. For LTC to go parabolic towards the top trend of the channel, it must break & hold the major from $181-$188. If this is deemed successful, Litecoin will likely rally to its first target found at $204. There is not much more resistance until around $260 so LTC will have a fairly easy time continuing up.
At the time of writing, LTC is dangling on the bottom of the channel. This has held LTC in an uptrend for nearly 30 days now & a break below will be disastrous. If LTC fails to break the major & falls below its uptrend line, price will likely enter a downtrend. Before this can happen, bulls must give up 2 important support marks. First being the major support found at $172 & second being the 100MA. This MA has held price up for nearly 25 days & a break below will likely land LTC near $162.
While looking at the , we can see how it has just entered oversold territory. This area is where the largest price drops occur & if it continues within this zone, LTC may be in further trouble. Looking at the regular , we can see that strength has been creating lower highs for almost a month now. These highs have formed a downtrend line & a break above is needed for LTC to go on another leg.
LTC Intraday Analysis