Litecoin (LTC/USD) Market Prepares for a Rebound
July 21, 2021
Litecoin Price Prediction – July 21
The LTC/USD market prepares for a rebound as the crypto’s valuation trades around the level of $115. The percentage rate at which the crypto economy trades is at around 7.92.
Resistance levels: $150, $200, $250
Support levels: $110, $100, $90
LTC/USD – Daily Chart
The LTC/USD daily chart currently shows that the crypto market prepares for a rebound, having declined initially to trade at a lower level. The bearish trend-line drew downward across the SMAs. The 14-day SMA trend-line is underneath the 50-day SMA trend-line. The Stochastic Oscillators are in the oversold region with the two lines that have conjoined and crossed northbound closer to the range of 20. The support level at $100 appears to be where the formation of variant candlesticks would form.
As the LTC/USD market prepares for a rebound, will it sustain it in the next session?
As the LTC/USD market prepares for a rebound, it may take a while before the crypto beefs up on the current formation of the bullish candlestick that the market features. As it is being, bulls are placed on a higher expectation note to push firmly against the market’s trading capacity of the US currency. Seeing the crypto market pushing slowly to the north, the smaller SMA is keeping near below the immediate $150 could be tested or briefly broken out to obtain a higher value.
On the downside analysis of this crypto market, a sudden reversal against the current ongoing upward force will be the best option left to portend a return of downward trend. That assumption appears not achievable in the near time especially that the Stochastic Oscillators have crossed the lines northbound from the oversold region slightly past the range of 20. All of those technical readings suggest that shorting of positions should be put on hold for a while.
LTC/BTC Price Analysis
Putting the trending weight of the two variant cryptos side by side, Litecoin market prepares for a rebound against the valuation of Bitcoin isn’t visible as of writing. The base crypto is gradually repositioning to push against the flagship counter crypto. The 50-day SMA trend-line is over the 14-day SMA trend-line. The Stochastic Oscillators are in the oversold region with the lines conjoined, pointing northbound slightly at a very deep-low point in it. That indicates that base crypto may soon start to pull up against the counter trading instrument.
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