Litecoin Technical Analysis
From its peak of $ 91 in early September, Litecoin has lost nearly half its value. Good opportunity to invest?
During the months of June, July and August, Litecoin averaged US $ 40, in order to undertake a bullish climb in the last week of August, which led him to write his historic high at 91 dollars on September 1st.
At the time of writing, Litecoin is trading around $ 48, an unbeatable value to buy based on technical analysis, as its key support is very close at $ 40.
Now, if we go back earlier this year, a Litecoin could be bought for just US $ 4, so the current price can be expensive or cheap depending on how you look at it.
If we analyze the Cryptostones market as a whole, with all its potential ahead, Litecoin may be one of the most bullish currencies. On the other hand, if we stay only from where the cryptocurrencies started the year its quote can seem exorbitant.
In the chart below you can clearly see the evolution of Litecoin in the last month.
In the short term the Litecoin can rebound as little as US $ 55, being the great challenge to beat for the remainder of September and October the US $ 62.
If the market of the cryptocurrencies maintains its upward tendency, the objective of Litecoin would be the US $ 100.
As long as the Litecoin does not yield the key support of US $ 40, it is best to remain a buyer.
Litecoin occupies the sixth place in the ranking of the cryptocurrencies, with a capitalization of market superior to the US $ 2,540 million.
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Good analysis.. Iam waiting for other support, because from the direction of reversal trend has been formed and waiting for momentum to buy action.
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