Litecoin had an incredible begin to November because it shot previous the $200 mark and rocketed to a $295 excessive. Nonetheless, the previous six weeks have pulled Litecoin again to the $140 lows. Bitcoin skilled a short-term bounce, however bullish energy was not seen as a lot on longer timeframes. What Litecoin can obtain within the coming weeks will likely be dictated principally by what Bitcoin does out there. The bulls can have a combating likelihood if Litecoin can flip the $176 degree to assist.
LTC- 1D
Supply: LTC/USDT on TradingView
The drop from $295.7 to $129.3 was used to plot Fibonacci retracement ranges (white). On the time of writing, the $143 long-term assist (inexperienced) was held. Plus, the $168 degree posed as resistance.
In late August, the value topped out at $232 and this coincided with the 61.8% retracement degree, reinforcing it as vital resistance.
A special set of Fibonacci retracement ranges had been plotted primarily based on LTC’s plunge from $413 to $103. The 23.6% retracement degree for this transfer was at $176. Typically, the value consolidates above the 23.6% degree for some time earlier than it will probably run towards the 38.2% and 50% ranges.
Furthermore, in October, we noticed costs bounce from $140, climb to $180 and better. Thereafter, retest the $176 space looking for demand. If Litecoin can exhibit an identical worth motion within the coming weeks, it might doubtless encourage consumers to bid closely on the $176 retest, if it happens.
Rationale
Supply: LTC/USDT on TradingView
The OBV has been forming increased lows prior to now few months. Nonetheless, it has been strongly trending downward for the reason that November peak. The OBV has to start to set increased highs for the bullish situation to play out.
The RSI additionally bounced off the 37.65 degree. Previously (late March, June, late September), the RSI had bounced off the 35-37 space. Even in December, this degree was one in all resistance, and solely lately has LTC flipped it to assist.
Conclusion
Buyers must wait and see if the $176 may be flipped from provide to demand. Flipping the longer-term 23.6% retracement degree was one thing that noticed LTC run to $232 and $295. The same feat might presumably be repeated within the weeks to return.
![Assessing if Litecoin [LTC] is targeting $50 as its next stop](https://decentralizedupdate.com/wp-content/uploads/2022/07/PP-4-LTC-cover-1-1000x600-350x250.jpg)
