The value of Litecoin may astound the cryptocurrency market within the subsequent days as a optimistic response could happen. Much like how Bitcoin is in comparison with gold, Litecoin has been buying and selling in a slim vary all through September, hovering across the mid-$50 mark. On October 4, whereas additionally rallying impulsively, the bulls have been capable of surpass the earlier weekly excessive.
On the time of writing, the Litecoin worth is $54.55. The bulls have tagged the earlier weekly excessive at $55, and are actually concentrating on help from the 8- and 21-day easy shifting averages. A “calm earlier than the storm indication” may be seen within the weekly excessive’s breach. A worth enhance to the $60 and $66 ranges is feasible if the indicator is ineffective.
On shorter time scales, the Relative Energy Index is tilting extra in favor of the bullish thesis. The amount profile indication continues to be solely reasonably lively, suggesting that sellers is probably not desirous to decrease the LTC worth in the intervening time.
Within the upcoming days, merchants ought to regulate the worth of Litecoin. The bullish bias will finally be invalidated if the weekly low of $50.81 is breached. An additional slide in the direction of a 2020 help zone at $45 might lead to a 16% decline if the invalidation occurs.