Disclaimer: The findings of the next evaluation is the only opinion of the author and shouldn’t be taken as funding recommendation
Litecoin has carried out fairly properly in December, and on the time of writing, it was buying and selling at $140, which is a 100% improve compared to the $70 low it registered the earlier month. LTC shaped a variety from $123.6 to $180 over the previous two weeks. The mid-point at $150 has been an essential space over the previous few days, however LTC dipped beneath it and might be headed decrease.
Litecoin 12-hour chart
The Gann rule of eighths (white) was used to separate the vary (cyan) and provides some essential ranges the place price would possibly discover both assist or resistance. The 50% degree is crucial, at $149.63 – and the 25% and 75% at $163 and $135 respectively may halt price motion for a quick interval because the market decides on a course.
A protracted place seems to be the very best risk-to-reward commerce for longer timeframes. Bitcoin, which has defended the $34okay degree properly over the previous week and was now headed larger, is prone to have a bullish affect on Litecoin’s price as properly.
The Accumulation/Distribution indicator was trending upward, displaying shopping for stress behind LTC. The RSI, which was on the impartial 50 value and has been shifting simply beneath this value over the previous few days, gave the impression to be headed above it and signaled a attainable shift in momentum in favor of the bulls.
The 50% degree, established as crucial degree inside the vary, appears to be like prone to be reclaimed by the bulls within the coming hours. A flip from resistance to assist of this degree can provide the affirmation a dealer must enter a protracted place to check the vary highs at $180. This has to happen on larger than common buying and selling quantity, which might point out market conviction and additional corroborate the upward momentum of LTC.
The flip of $149 from resistance to assist on heavy buying and selling quantity is the affirmation wanted. A retest of the flipped degree can be utilized to enter a protracted place. The 75% degree at $163 generally is a degree to take-profit at and transfer stop-losses into revenue if LTC climbs larger.