Litecoin [LTC] momentum weakens – but is a reversal likely

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion. LTC dropped below its rising channel. LTC’s price consolidation could persist into the weekend but change early next week. Litecoin [LTC] hit rock bottom of $61 in December 2022 but rallied to $93 in […]

2023-24

LTC’s uptrend since late December 2022 chalked a rising channel . But the bullish momentum faced two key challenges. The first challenge occurred around mid-January after an extended price consolidation temporarily pushed LTC out of the rising channel. The $82.44 support level held the drop and helped LTC recover and retest the channel’s mid-line around the $90 level.

A likely bullish BTC could see LTC break above the $92.27 level and move back into the rising channel. Such a move could push LTC into the $100 zone. LTC’s RSI value was 53 on the 12-hour chart, with possible rejection and rebound from the mid-level of 50 based on historical patterns. Therefore, LTC’s consolidation could continue into the weekend.LTC Profit Calculator

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