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What is the best-case scenario for Litecoin’s price action – AMBCrypto News

Admin by Admin
August 20, 2021
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Disclaimer: The findings of the following article are the sole opinions of the writer and should not be taken as investment advice

Litecoin has done well to recover from a broadening wedge setup on its chart. Following its decline, buyers re-entered the market around the $160-mark and pulled the price up from its weekly lows. The near-term outlook seemed to be bright once again as key indicators underwent some resets.

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Moreover, the alt could register sharper gains over the next 24 hours if it closes above an important resistance zone. At the time of writing, Litecoin was valued at $176, up by 6% over the last 24 hours.

Litecoin 4-hour chart

Source: LTC/USD, TradingView

The rebound from $162 saw successive green candles line up on LTC’s 4-hour chart. Two June swing highs – One at $180 and the other $185 – now presented the next challenge for Litecoin. A successful close above these levels would propel the alt towards its local high of $190, representing another 7% hike from LTC’s press time level.

On the contrary, a failed breakout attempt would likely see LTC move sideways just below the $180-level.

Reasoning 

The indicators were quick to respond to a LTC’s reversal and presented a favorable tone. The MACD pictured a bullish crossover as buying pressure ramped up over the last few sessions.

The Relative Strength Index formed a double top, favored the bulls, and climbed back above 50. The Awesome Oscillator eyed a comeback above the half-line – Something that would present a buy signal to the market.

Conclusion

There was a lot to be optimistic about with respect to Litecoin’s near-term outlook with just a little downside. The best-case scenario would be a hike towards $190, in case the price closes above certain swing highs.

Conversely, some sideways action is also possible in case LTC’s immediate resistance level prevents further upside.

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