Current price action with LTC is setting up a pennant
formation. Hopefully, by sometime later today we should see how the pennant
will break. Personally, I feel that the likelihood of the pennant
breaking up is still moderately high. First, we have to consider price action from the Litecoin Cash ( LCC
-2.42% ) fork which occurred 2/18/18. Many speculated that the sell off after the fork would be massive. Some were quoting prices between $180-$200. Of course, more selling could happen but I believe that the price movement from the fork has already occurred. Also, with the rumors that LitePay will be coming toward the end of the month, there will likely be more interest in LTC. Both the MACD
have been showing higher lows since early February. If the pennant
breaks up I would anticipate the price to move into the $260-$270 range. On the other hand, with a downward pennant
break price could see support in a range around $180. The final piece of this puzzle is volume
. Currently, it appears there is not enough volume
to push price up. Obviously, that could change at any point.
This is not investing or trading advice. Make your own decision based on your own research.
Criticism and feedback are very welcome.