The Litecoin (LTC) price, unlike most top cryptocurrencies has not been able to breach its June ’21 high [$197.8]. Although some analysts may argue that a break above the July inside bar resistance [$148.1] may be sufficient for a halt of the correction phase, we still feel a need to probe into the lower 4HR time frame for hints into dominant trend direction and likely scenarios.
Let’s dive into it.
The LTCUSDT started a bearish campaign on the 4HR time frame after signaling a hidden bearish divergence on 16 September 08:00, sending the price spiraling down by 24%.
It’s clear the daily time frame shows strong bearish presence, as the on-chart RSI viewed from the 4HR time frame breaks below hidden inside bar support while above the RSI level-75 on 16 September 08:00 and 23 September 20:00.
Efforts by the bulls to restore the uptrend via a bullish divergence on 22 September ’21 04:00 and 26 September 12:00 was not sufficient for the selling pressure.
Recent hidden bearish divergence on 27 September 04:00 shows that we could see lower prices this week.
As the LTC price slowly rise at press time and the RSI approach the level-75, we anticipate a price slump that could exceed the recent support level at $139.70. However, a price surge above the bearish divergence resistance could set the pace for a bullish comeback, as a peek into the daily chart suggest a regular bullish divergence.
VanEck has formally registered its VanEck Lido Staked Ethereum ETF in Delaware. If approved, this…
Federal Reserve Bank of Dallas President Lorie Logan is the latest Fed official to share…
Australia’s Fitell Corporation has purchased 216.8 million PUMP tokens for $1.5 million. The Nasdaq-listed company…
FG Nexus has announced that it will allow shareholders to convert common stock into tokenized…
JPMorgan says Bitcoin (BTC) is undervalued compared to gold and could rise to $165,000, giving…
Derivatives exchange CME Group has announced plans to begin offering 247/7 crypto futures and options…