LITECOIN (LTC) PRICE ANALYSIS: LTC PREPARING TO MAKE ANOTHER FLAG PATTERN

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  • Litecoin is currently at 150.920 as at or -2.66% from yesterday’s close
  • The overall momentum of Litecoin is extremely bullish. 
  • It has given three successful breakouts from the past one month by forming two triangular patterns and one flag pole pattern.

The overall price momentum seems bullish on the line charts. The coin was trading around $90 on December 01, 2020 and today it’s CMP is around $151. It seems that the coin took a resistance from $160 and is headed towards its immediate support(previous resistance) of $130. It seems that the coin is making another Flag Pole pattern for which it can take support somewhere between $135-$145. Its market capitalization is $10,027,996,515 and its 24 hour volume is $12,899,077,736. 

CAN THIS FLAG PATTERN BE AS SUCCESSFUL AS PREVIOUS ONES? 

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As visible above the coin is in a bullish momentum and has taken a breadth on 4th January 2020 which continued to 5Th January and might make a flag pole pattern or triangular pattern in the upcoming days. It is visible that the following indicator also suggests the same.

The Bollinger band  (set at 10SMA)  shows that the coin took resistance from the upper band which forced the coin to return to the median for seeking support. Along with the median Litecoin can also take support on the support line which was tested thrice in the last month. 

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The RSI indicator is also showing that the coin took resistance from 75 levels on RSI indicator and is now headed for the previous support of 60 levels on RSI charts. 

Ths MACD indicator shows a divergence between fast and slow lines which indicates a potential reversal or sideways movement in the coin. However the signal line has bounced back twice from the slow line in the last month and is expected to repeat the same. 

CONCLUSION 

The trend is overall bullish however Litecoin is taking a breadth to retest the previous levels of $130 to $140. If the coin gives a breakdown from $130 it is likely to head towards the next support of $120. If the coin bounces back from $130-$140 levels it’s likely to head towards $174 which is its last top.

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Kartik Dhankanihttp://thecoinrepublic.com
Kartik Dhankani is a BAF Student based out of India and a stock market trader and Financial Analyst. He seeks to diversify his reach to different investment alternatives and analyse them using his knowledge for fundamental and technical analysis

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