Technical Analysis of Currency #Litecoin ($LTC ) – Are We Facing a Near-term Bullish Reversal?
Currency #LTC/USDT is currently trading at $85.90 after a daily increase of +2.10%, in an attempt to bounce back from a critical support area.
Technical Analysis:
General Trend: Corrective in the short term after failing to break the resistance at $94.3.
Bollinger Bands: The price touched the lower band and shows signs of stabilization, which may pave the way for a rebound.
RSI (6): At a level of 37.8, approaching oversold conditions, which increases the likelihood of demand returning.
MACD: Still negative, but with the lines converging, there may be a bullish crossover if momentum increases.
Trading Opportunities:
Ideal Entry Zone: Between $84.5 – $86 with monitoring of a confirming bullish candle.
Take Profit Targets (TP):
First Target: $91 (testing nearby resistance).
Second Target: $96 (previous medium resistance level).
Stop Loss (SL): Closing below $80.5.
Notes:
Trading volume remains relatively strong, reflecting market interest.
Entering now is considered a calculated risk, especially if strong reversal candles appear.
Do you think Litecoin is preparing for a bullish breakout after this consolidation? Or do the bears still control the scene? Share your opinion in the comments