Hello, dear members of LeoFinance!
Today I want to outline some interesting technical indicators and patterns on the chart of Litecoin in the daily time frame (1D):
As can be seen from the chart, LTC/USD is moving upwards within a Rising Broadening Wedge (a bullish technical pattern). At the moment, the price chart is approaching the lower line of the channel (support line). That's why it is highly probable that a price rebound may take place very soon.
Moreover, the price of Litecoin has dropped below the 30-day Moving Average (30 MA) and is currently approaching the 90-day Moving Average (90 MA). Probably, the price of Litecoin will receive additional support from the 90 MA. Therefore, I expect a price rebound very soon.
To be continued ...
As of the time of writing, one Litecoin costs $164.73 on the CoinBase crypto exchange, according to TradingView.
A few words about me:
Just to let you know: I've been working professionally as a currency analyst for the last 14,5 years, and as a cryptocurrency analyst for the last 3,5 years.
Important!
Keep in mind, that thoughts expressed here are my own, and they should not be regarded as recommendations for any cryptocurrency/commodity trades, investments and etc.
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Litecoin is a crypto that is doing well and I believe it is been undervalued,it is a valuable crypto that should have a higher price value...
Agreed!
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@cryptospa awesome analysis from you ...keep it up