LTC/USDT Chart Analysis: What's Next for Litecoin?
Looking at the LTC/USDT chart, we can see a recent strong rally that pushed Litecoin from around $79 to a peak of $92.27. However, it's currently experiencing a pullback, trading around $88.34.
Key Observations:
* Recent Peak & Pullback: The price reached a significant high and is now correcting.
* Moving Averages: The shorter-term moving averages (MA7, MA25, MA99) show the price is still above them, but the gap is narrowing, indicating a potential consolidation or further retrace.
* Volume: The volume during the recent rally was notable, but the current pullback is also accompanied by some selling volume.
Short-Term Prediction:
Given the recent sharp upward move and the subsequent retrace, we could see LTC/USDT consolidate around the current levels ($87-$89) in the immediate short term. If selling pressure continues, it might test the support levels around $85, which aligns with previous resistance turned support.
For a renewed upward momentum, LTC would need to reclaim and hold above the $90 psychological level. Traders should watch for a clear break above this point with increasing volume, or a bounce off key support levels for potential entry points.