Litecoin Bounces from Important Level
Enter your emailI do think it is probably only a matter of time before we see a bigger move.The $100 level is an area that would of course attract a lot of attention, so it makes sense that we have bounced for the day. Furthermore, the market has reacted to other markets, which have seen a little bit of a countertrend trade for the day. After all, the US dollar has been a bit overdone recently, so the dollar had to lose some strength.
markets. In other words, when you move out on the risk spectrum with an asset such as Litecoin, you need to have an overall “risk-on” attitude around the world. If we were to break down below the $100 level, then it is possible that we could go looking towards the $75 level, possibly even down to the $50 level. This would obviously be a major breakdown, but this would also just be a continuation of what we have been seeing. On the other hand, if we were to turn around and break above the $125 level, the market could then go looking towards the $150 level above, where the 200-day EMA currently resides.
Litecoin is a personal favorite of mine as far as the use case is concerned, but at the end of the day, it is considered to be a minor coin, so it needs the rest of the world to pick it up.
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