Litecoin Price Appears To Be Beginning A Reversal.

Litecoin Price Appears To Be Beginning A Reversal.

2022-02-06 | Selina Mathew

Litecoin Price Appears To Be Beginning A Reversal.

Litecoin Price Appears To Be Beginning A Reversal.

February 6, 2022 | Selina Mathew

litecoin

Litecoin is trading marginally lower today on Sunday and appears to be nearing a bottom. Following experiencing a severely negative market, the cryptocurrency has been drifting sideways for a number of weeks and maybe turning back. Today is a red day for the cryptocurrency world as a whole, with several cryptos sliding somewhat.

Litecoin is now trading at $122.81, up 0.78 percent in 24 hours.

Study of the Litecoin Daily Chart

litecoin

Litecoin Price Chart – Source: CoinMarketCap

  1. Following a protracted stretch of negative action, the cryptocurrency appears to be attempting to create a bottom by pushing sideways. If the cryptocurrency can maintain its bottom and starts to produce higher lows anew, a bullish trend might begin building.
  2. The cryptocurrency is trading under the 50-day moving average (green) as well as the 200-day moving average (blue). This indicates that the cryptocurrency is trading in a negative mood, and all of these moving averages might act as resistance in the foreseeable years.
  3. The Relative Strength Index (RSI) has steadily begun to rise and make higher lows, and it currently stands at 35. This demonstrates that more buyers are entering the cryptocurrency market, despite the fact that sellers continue to outnumber buyers.

What Is the Future of Litecoin?

Litecoin may be noticing a turnaround since it has ceased experiencing negative momentum as well as has been managing to trade sideways. To verify a reversal, the RSI must rise over the middle line.

Bullish traders expect the cryptocurrency to commence to establish higher lows as well as the RSI to continue to rise. Strong volume throughout this period will also aid in the confirmation of a reversal. Bearish traders expect the cryptocurrency to go under the base it has started to create, as well as the RSI to fall back into the oversold territory.

Leave a comment

Your email address will not be published. Required fields are marked *

Top 7 cryptocurrency overview



Best trading tool for cryptocurrency

2022 Top cryptocurrency Price Prediction List