Litecoin posted 6.1% gains over the past 24 hours to advance its rally from the $72 support level.
posting gains of 4% over the same period to push it to $26.5k, LTC can look to record more gains, due to its correlation with BTC.Litecoin’s rejection from the $97 resistance level on 3 June ushered in a massive selling wave. This saw LTC smash the support levels at $85 and $80 respectively.
Another downward move on 14 June saw Litecoin reach the March low of $72. In this case, bulls quickly defended the support level and rallied with five successive bullish candles on the 12-hour timeframe. This revealed the strong buying pressure at the $72 support level and the readiness of bulls to reclaim some lost territory, as price edged toward the $80 psychological level.
Buyers can be encouraged by the bullish crossover on the Moving Average Convergence Divergence indicator. This hinted at growing bullish momentum in the short term. The Relative Strength Indicator also climbed strongly out of the oversold zone and stood at 41, as of the time of writing. For a sustained bullish reversal, buyers will need to clear the hurdles at the $80 resistance level and break above the trendline. These will be two critical zones where bears will look to interrupt the bullish rally and force prices back down.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Why XRP bulls should be confident of a move northwardThe XRP bulls have managed to defend a good chunk of their March gains, and hinted that further gains were possible.
Read more »
Where’s Bitcoin headed next as bulls fail to defend $25.2kBitcoin has posted a series of lower highs and lower lows after breaching the $27.2k higher low on 24 April, breaking the formerly bullish market structure.
Read more »
Cardano retraced some of its losses but…The Cardano bulls managed to carry out a weak bounce after the recent sharp losses but lacked any conviction.
Read more »
Aggressive Filecoin bears might target this level nextThe higher timeframe charts showed Filecoin bulls were spectacularly unsuccessful at driving significant price rallies since September 2021, and the near-term expectations are also bearish.
Read more »
‘My enthusiasm for gold has suffered' and the Fed could raise rates again in July and August - Dennis Gartman(Kitco News) - Gold’s post-banking-crisis breakout has failed miserably, and it’s put gold bulls back on their heels, according to legendary commodity investor Dennis Gartman.
Read more »
Gold prices stuck below $2,000 next week as bullish sentiment remains lacklusterBulls or Bears? Wall Street vs. Main Street puts together leading analysts and regular metals investors to find out where they think gold is headed next week. Picked up and quoted by other leading news organizations, this feature has become a cornerstone for the industry and an indicative benchmark.
Read more »