Bullish RSI Divergence Sets Litecoin up for upward breakout – here is what you need to know

5 months ago 91
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In mid-November, Litecoin (LTC) was deed by a insignificant correction against the US dollar. It appears astatine the clip that a short-term downtrend was good connected course. And past came the crypto winter, wherever bearish sentiment successful the wider marketplace took hold. As a result, LTC was successful for a route, plummeting to astir $140 from its October and aboriginal November highs of $296. However, immoderate bullish RSI divergence suggests an upward rally is not acold away. Here are immoderate facts:

  • In caller weeks, LTC has been swinging betwixt $141 and $166, suggesting terms consolidation.

  • Relative Strength Index oregon RSI shows a bullish divergence that hints are imaginable growth.

  • However, the existent terms is beneath important EMAs, meaning the bearish downtrend is inactive on.

Data Source: Tradingview.com

Litecoin (LTC) – terms enactment and analysis

It’s been a bitter-sweet rollercoaster for Litecoin implicit the past 3 months oregon so. After hitting highs of $296 successful precocious October, the coin has conscionable nosedived. At 1 point, it plummeted 51% to hover astir its $141 support. We person not truly seen immoderate rally ever since. 

At the clip of reporting, LTC was trading astatine $151. But determination is immoderate hope. In caller days, the terms enactment has been swinging successful betwixt the $141 enactment and $166. This suggests that LTC is undergoing immoderate terms consolidation, thing that makes it a premier people for a bullish breakout.

Should you bargain Litecoin (LTC) today?

In general, the full crypto marketplace is down. This gives investors the cleanable accidental to bargain undervalued assets and hopes to thrust a bullish question successful the adjacent term. But determination is inactive immoderate downside hazard this year, particularly if headwinds successful the marketplace don’t abate. But LTC is ever a bully semipermanent investment, and since it’s trading astatine a discount, this is the cleanable clip to get in.

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