LTC recorded good price growth during the last week!
LTC recorded good price growth during the last week. The price of this currency, which was placed on an important support in the range of 55.6 to 57.4 dollars, continued to move up to the level of 65 dollars due to the strong return and renewed support of buyers. A reaction has been observed in this area. As you can see, in the daily time frame, the price trend is still in the range.
One of the rules of the range area is not to place the ceiling and floor of the price in a specific range. Therefore, according to the reaction that has been observed, there is a possibility that the price will decrease again towards the previous support. If we don't see selling pressure and close the 4-hour candle below the price of 61.6-61.2 dollars in the 4-hour period, there is a possibility of breaking the resistance and continuing the price growth to higher resistance levels in the range of 70 dollars. But if this support is broken, after the pullback to the range of $65, we expect the price to correct again and return to the price channel of $50.
The interesting thing about Litecoin is that if the daily candle closes above the $64.4-$66.2 range, we can expect the price direction to exit the range from above in the future, and the downward reversals are only pullbacks. It will be a long-term bullish wave. But if this does not happen, and on the other hand, the selling pressure in the market increases, the drop in the price of this currency can continue even up to the range of the price channel of 40-38 dollars, and fake break the previous bottom in the weekly time.
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