Litecoin misplaced round $300 in the course of the crash in Might, or greater than 70% of its worth. The value fell to $120 by Might 23, however the decline within the cryptocurrency market stalled, and since then Litecoin has been buying and selling sideways inside in a variety.
Nonetheless, the highs have been getting decrease for Litecoin throughout this time, regardless of the consolidation, which exhibits that Litecoin isn’t out of the woods but. However consumers have managed to push above the 100 SMA (inexperienced) on the H4 chart, which has been appearing as resistance currently.
That was an encouraging transfer by the consumers, however the transfer got here from Bitcoin, which has climbed greater within the final a number of days, following Elon Musk’s feedback that Tesla Motors would settle for Bitcoin as tender once more, if it solves the environmental points.
This may need been extra of a bow-down to the elites, who’re pushing for renewable power, but it surely helped BITCOIN, which pulled the remainder of the crypto market up with it. So, LITECOIN managed to maneuver above the 100 SMA, however it’s retreating decrease at this time.
However the 100 SMA would possibly flip into assist now. It could be nice if it did, since that may point out that the lows have gotten greater now, turning the stress to the upside. However, it stays to be seen whether or not the 100 SMA will maintain. Anyway, if it doesn’t, we’ll attempt to purchase Litecoin decrease once more, after closing our long-term Litecoin signal right here yesterday.