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Litecoin (LTC)trade is currently trading at $138.13. The price is in a continuous uptrend which started after the formation of a morning star pattern at the support level. This is a bullish reversal pattern.
The price is currently nearing its resistance of $142.38 after a strong rally with support at $131.68. It is suggested to wait for the price to cross the resistance level.
According to Dow Theory, the digital coin is currently appearing in the public participation phase; during this phase, negative sentiment starts to dissipate. This phase tends not only to be long lasting, but also the one with the largest price movement. It is also the phase in which most technical and trend traders start to take long positions. The trendline is also acting as support.
When taking 9 period moving averages (blue) with 21 period moving averages (red), we can see that there is a bullish crossover and the price is above 9 period moving averages, which is a positive signal indicating an uptrend.
Litecoin’s price is moving between the channels, with the upper limit acting as resistance and middle average line acting as support. The price is above the upper limit and the RSI shows that the price is in the overbought region, indicating minor correction.
Litecoin (LTC)trade is currently trading at $138.13. Resistance is at $142.38 and support is at $131.68. It is suggested not to take long position at this price as the price is around the resistance level; wait for the price to close above the resistance or touch the support.
Looking at the chart it is seen that the virtual coin can soon enter the indecision phase and provide opportunity for taking long positions. The overall trend is bullish with the midterm target at $167.